NFT

MetaMask Doubling Efforts to Address Security Besides Scalability says CEO amidst New Phishing Alert


MetaMask Doubling Efforts to Address Security Besides Scalability says CEO amidst New Phishing Alert

The popular crypto wallet sees significant growth amidst the ongoing bull market thanks to “really big cultural event” NFTs and the emergence of side chains and layer-two networks.

Popular crypto wallet MetaMask is alerting its users of a phishing attack that is currently circulating in the market.

On Monday, MetaMask reported a new type of phishing bot becoming active. It comes from an account that looks “normal” but has few followers.

The fake account then suggests people fill out a support form on a major site like Google sheets, which is hard to block and ask for your secret recovery phase, which shouldn’t be shared with anyone, ever.

“An easy, easy way to avoid this kind of phishing attack is to ONLY seek support from WITHIN the app you want help on,” says MetaMask. The crypto wallet further states that it always directs users to its domain.

Security is actually one of the biggest short-term problems besides scalability. The latter is about making it easier and easier to use Ethereum compatible chains and layer 2 solutions that MetaMask is addressing right now. MetaMask co-founder Dan Finlay; in an interview with Laura Shin on her podcast “Unconfirmed” said,

“We’re really kind of redoubling and redoubling our efforts to improve our onboarding education, improving in-app education, just really trying to protect users from fishers as much as possible.”

MetaMask has been doing a lot of different research on ways of changing the wallet and doing improved education, continuing its extensibility project, which is going to let them integrate more and more account types such as multi-factor type accounts that will let users lock down their accounts, even more, stated Finlay.

This is a critical moment for the internet to start growing up about how people discover information, and it is one of the big fights MetaMask is fighting this quarter, he added.

Recently, as we reported, MetaMask hit five million active monthly users milestone, representing a growth of 5x in just six months after hitting 1 million active users just in October during the ongoing bull market.

This user base is very diverse both across use cases and across demographics, said Finlay adding that the ongoing growth was the combination of a few factors all coming together, including non-fungible tokens (NFTs), a “really big cultural event” that brought in a lot of people.

NFTs was a use case that was simple enough, engaging, and fun, said Finlay.

At the same time, we see the rise and emergence of a lot of Ethereum compatible blockchains, side chains, and layer two networks coming about, and that’s really increasing the scalability of the entire platform, he said.



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