Avoiding the Crypto Platform MetaMask: Keeping Your Funds Safe

Cryptocurrency has revolutionized the way we think about finance, providing a decentralized and secure way to transfer funds across the globe. However, with great power comes great responsibility, and it is crucial for investors to take every precaution to ensure their funds remain secure.

Hacked crypto is not regulated by the government

There is no recourse

One of the most popular platforms for buying, selling, and storing cryptocurrency is MetaMask. However, I would strongly suggest you not use it.

The Risks of Using MetaMask

MetaMask is a browser extension that allows users to interact with the Ethereum network, providing access to various decentralized applications (dApps) and enabling users to buy, sell, and store Ethereum and other cryptocurrencies.

Lots of people are falling victim to phishing attacks that target their MetaMask wallets.

These attacks typically involve users unknowingly downloading malicious software that steals their private keys and allows attackers to transfer their funds to their own wallets.

I and several others have been victims of malware that specifically targets MetaMask, including fake MetaMask websites that trick users into entering their private keys and other sensitive information.

Getting Hacked on MetaMask

My Story

I was robbed by a computer hacker of forty five thousand dollars on Wednesday 11/3/21 on a cryptocurrency platform called Meta Mask which is developed and ran by Consensys, a company based in Brooklyn, New York. MetaMask is a platform where you can buy and sell crypto currency. It was most of my savings that was stolen.

Consensys MetaMask Offered Zero Support

Once I saw that all my funds were drained, I contacted Meta Mask immediately for support which is really Consensys. All they did was send me an automated message three days later telling me what possibly happened and basically that they don’t want to do anything about it. We are talking forty five thousand dollars! They only send automated email messages. They don’t want to claim any responsibility or offer any support to their victims and I am finding there are a lot of them. They don’t want to investigate. Basically, they tell you to take a hike. I have the emails. What kind of company does that?

Consensys MetaMask 12 Word Seed Phrase

I had first set up the Metamask app on my mobile phone. The reason I got it was because there was a cryptocurrency called “Floki ” that I wanted to buy which isn’t available on the other platforms that I use, Coinbase & Binance.

When you set up your account they tell you to come up with a twelve word seed phrase, which is basically a twelve word password that nobody knows but the user. Metamask claims that even they don’t know it. I wrote down my twelve word seed phrase and put it in a safe place.

I wanted to set up the metamask platform on my desktop computer as well. I was trying to add extra security to my cryptocurrency by installing a hardware wallet to my account. I was unable to set it up on the mobile app because the bluetooth wasn’t working and I wanted a bigger screen to see everything.

I went to the Metamask website metamask.io to set up my account on the desktop. In the process of setting up my desktop account, I noticed they were asking me for my twelve word seed phrase to login in. . Mind you their website is at the very top of the google search engine and I clicked on their actual site.

Metamask claims they will never ask for your password however when I went to install Meta Mask on my desktop that was the first thing they asked for!

My Crypto Gone Forever

The next morning I walked up to all my funds drained. This company is extremely unethical and incompetent. There is zero support.

Their forums are only scammers. You can’t get any resolution online. I can’t communicate with anybody there! If they are having so many problems with scammers draining their customers’ funds then they should temporarily shut their site down and fix it until the problem is resolved. A lot of MetaMask users are furious. This company needs to be reported and regulated. I have never seen a company act like this!

Protecting Your Funds

While the risks of using MetaMask are “VERY REAL”, there are several steps you can take to ensure your funds remain secure:

Only download MetaMask from the official website: Make sure you are downloading the MetaMask browser extension from the official website (https://metamask.io/) and not a fake website designed to steal your funds.
Use strong passwords: Make sure your MetaMask password is unique and complex, and never share it with anyone.
Enable two-factor authentication: By enabling two-factor authentication (2FA), you add an extra layer of security to your account. You can enable 2FA on MetaMask by downloading a third-party authentication app such as Google Authenticator.
Keep your private key safe: Your private key is essentially the key to your cryptocurrency wallet, so it is crucial to keep it safe. Consider storing it in a secure offline location such as a hardware wallet or a piece of paper in a safe.
Be wary of phishing scams: Phishing scams can be difficult to spot, but there are a few red flags to look out for. For example, be cautious of any website that asks you to enter your MetaMask password or private key.

In conclusion, while MetaMask can be a convenient way to access Ethereum-based dApps and manage cryptocurrencies, users should be HIGHLY AWARE of the potential security risks and consider alternative options that better align with their priorities. It’s essential to conduct thorough research and evaluate the pros and cons of any wallet or tool before using it.

Don’t say I didn’t warn you. If I were you I would avoid MetaMask at all costs and anything created by Consensys Software. The most horrible experience ever!