CipherTrace warns of an increase in MetaMask funds lost due to phishing attacks

Cyber ​​security company CipherTrace issued a warning after seeing an increase in reports of user funds being stolen by a malicious Chrome browser extension masquerading as the popular MetaMask crypto wallet over the past 24 hours.

The alert was posted and reported entitled “ALERT: Malicious Cryptocurrency Browser Extension: Masked MetaMask” The company has noted “an increase in warnings and comments within the online crypto community about the theft of user funds.”

In response to online criticism that MetaMask is not doing enough to keep its users away from potentially harmful websites and downloads, MetaMask Product Manager Jacob Cantele I ask What else should the company be doing on Twitter?

“How can we improve? We currently have multiple warnings in the product, we have a phishing detector that warns of tens of thousands of malicious websites, we run regular security marketing campaigns, and we have legal options to remove these websites.” “”

CipherTrace warns of an increase in MetaMask funds lost due to phishing attacks
CipherTrace warns of an increase in MetaMask funds lost due to phishing attacks

Links to fake MetaMask websites are inadvertently repositioned by cryptocurrency projects and are reported to often appear as Google ads above the top result of Google searches for the term “Metamask”.

The scam works like this: After landing on a phishing website similar to the real MetaMask website or downloading a malicious browser extension, users are instructed to enter their starting 12 word value to connect their wallet. The seeds are then captured by the phisher and the money is emptied from the purse.

MetaMask stated that the best way to avoid phishing is to only download the software from the official website or the Google Chrome storebut never by clicking the links on other websites.

For those who have already installed the MetaMask extension in Chrome, MetaMask displays a bright red warning when a user tries to visit a website that was previously reported as a phishing site.

MetaMask users who are unsure whether a website has been reported as malicious should visit Crypto® DB and enter the website’s URL or IP address. There it is compared to a database of reported scam and phishing websites.

In October, MetaMask announced that it has exceeded one million active users per month, in large part due to the acceleration in the DeFi trend over the summer and fall. Rising prices for ether (ETH) and a large user base suggest that this type of phishing attack is not going to go away anytime soon.

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