April 11, 2022
MetaMask is a software cryptocurrency wallet (Hot Wallet) used to interact with the Ethereum blockchain. It gives users access to use their ethereum via a mobile phone or a browser extension, which can then be used to interact with decentralized applications e.g Freelance; a hiring platform on smart contracts, Axe Infinity; a game based on the Ethereum, Uniswap; a decentralized cryptocurrency exchange platform, Steemit; a blogging and social media platform on the blockchain, OpenSea; an NFTs marketplace and so on. MetaMask is developed by ConsenSys Software Inc., a blockchain software company focused on Ethereum-based tools and infrastructure.
MetaMask allows users to store and manage various account keys (Private and Public Key), broadcast transactions, send and receive Ethereum-based cryptocurrencies and tokens, and safely connect to decentralized applications through a compatible web browser or the mobile app’s built-in browser.
The MetaMask server has not suffered any central hacks. Metamask is an open-source cryptocurrency application and has a strong community of developers updating its open-source code. Nevertheless, the wallet is online, so just like anything online it can be hacked, it’s more subjective to risk than hardware wallets (Cold Wallet) like Ledger, Trezor, SecuX, Safepal e.t.c and other forms of cold storage. The most common risk facing the MetaMask wallet and other types of wallets is phishing attacks.
How your MetaMask was probably hacked
If your MetaMask wallet was hacked and you are wondering how this has happened, here are possible scenarios that might have got your account hacked:
Downloading a fake MetaMask wallet: This is often rare because MetaMask cyber security team always take down most apps that impersonate the real MetaMask, however, some still survive and some users instal the wrong MetaMask, and send funds to scammers’ wallet thinking they are funding their account. So always use the official version of MetaMask, the official website is Metamask.io, this is the only place you should download and Install MetaMask from.
Exposing your private Key (Seed Phrase): This is the most common way people get hacked, do not expose your seed phrase. When you create a Metamask wallet, the system shows your a 12-word seed phrase that is human readable, this seed phrase allows you to recover your wallet when needed, it’s a representation of your private cryptographic key. You are expected to keep this seed phrase secure at all times, never show it to anyone or keep it in a vulnerable place. How to keep your seed phrase safe:
- Write your seed phrase on a piece of paper that you store somewhere secure when nobody can have access to it. You can store it in a safe or a safety deposit box at your bank.
- Do not store your seed phrase digitally especially if it is not secure. If you save your seed phrase on your phone or computer, all it takes is for a hacker to gain access to your file manager or cloud data and your seed phrase is revealed.
- Don’t take pictures of your seed phrase with your phone camera. Hackers can hack your picture gallery, and easily get access to your seed phrase.
But just securing your seed phrase when you create your wallet is not enough! You must be constantly alert against hackers and phishing scammers trying to steal your seed phrase in other ways.
Dust Attack: Your Metamask wallet could have been hacked through a dust attack. A dust attack is when a scammer sends you a shitcoin that you have no idea of. A malicious smart contract has been embedded into this token that can drain your Metamask wallet if you try to sell this shitcoin or try to get rid of it in any form. f you discover unknown or unfamiliar tokens in your wallet, it is best to just ignore them unless you are certain that these are from a legitimate project.
How to recover cryptocurrency lost to Metamask hack
Metamask is not known for its best customer service so if your account gets compromised it is assumed that the fault is from your end and you should find a solution to it on your own. They never really offer solutions to get your cryptocurrency back, they only talk about how your account might have been hacked and how to avoid future hacks.
The feasible method is to hire a hacker with knowledge about the blockchain. A hacker with expertise in the cryptocurrency marketplace can help you trace your crypto, if t has been moved, and recover it. Although, once a Wallet account is hacked or compromised in any form, the best option is to create another. So the hacker will likely advise you to create another account to receive your recovered funds.
You can get a hacker with blockchain knowledge on cybersploits, CYBERSPLOITS is a funds recovery platform that has enough expertise and manpower to trace and recover your crypto coin. With over 8 years of experience in the business and over 3000 successful recovery cases, Recoveries Pro can be trusted to get your cryptocurrency back.
If you were hacked, this would most likely be due to a few possible reasons:
- Your computer has been compromised with (malware/spyware) and you stored your private information on your computer.
- You have visited a malicious phishing website that stole your information.
- You gave your private key or Seed Phrase / Secret Recovery Phrase to someone or a site.
- You gave a web3 site / smart contract unlimited access to your funds (check who you gave access to and revoke here: https://tac.dappstar.io/#/)
- You installed a fake MetaMask extension that stole your funds.