Jul 28•2 min read
MetaMask Ethereum Wallet update to prevent scams
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MetaMask just announced its update on 07/27/22. This update is critical because it will prevent "Wallet Drainer".
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https://twitter.com/wallet_guard/status/1552329047836966915
What is Wallet Drainer
Wallet Drainer is a way to attack the wallet that, through the smart contract and links NFT project with other wallets without admitting approval from the individual signature required to each wallet.
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https://twitter.com/TheOnlyNom/status/1552521385796423680
How the Wallet Drainer works are following:
fake NFT page with an artificial countdown to create urgency
victim connects wallet
the program will check valuable of NFTs
victim active the signature to transaction(s) to transfer ownership of NFTs
program fake the "mint" and transaction will not interact with the smart contract
the process repetitive
Here is how technically the program works and comprehensively addresses the potential impact of this attack.
https://www.youtube.com/watch?v=557VCDJG1mk
How MetaMask prevents such attack
https://www.youtube.com/watch?v=P_7hpr5GSrw
With an extra step to allow the wallet to get permission for all transactions, the user has a way to stop a bundle of transactions at once without permission allow from the user side.
https://github.com/MetaMask/metamask-extension/pull/15010
You may think that is no a big deal but it saves a lot of NFTs project to prevent attacking users valuable assets.
How to prevent the attack
https://dappradar.com/blog/how-to-prevent-scammers-from-draining-your-wallet
Never click on links from unidentified sources.
Never click Google Ads for crypto services, instead go to the official website yourself.
Always use Two-Factor Authentication (2FA) when possible. Google Authenticator is free to use, so use it.
Also, double-check the website before connecting your wallet to the suspective website.
If you enjoy reading my articles, buy me a coffee here.
Photo by Georgi Dyulgerov on Unsplash
