Published in ·
--
Now that you have decided on the cryptocurrency of your choice, you are ready to take the first step toward the trading career you have always dreamed of. The first step is to get yourself a wallet where you can store all your digital assets. After doing some research, you realize that Metamask is the best choice for you.
Can you imagine what it would be if, one day, you woke up and find that your wallet is empty? Your thousand-dollar investment is no more! I am sure you would be devastated.
If you want to prevent this from happening, you need to familiarize yourself with the different ways your Metamask wallet can be hacked.
You need to know how to prevent your Metamask wallet from being hacked and what to do if your wallet has been hacked.
The following article will give you the instructions you need to do that.
Metamask wallet is one of the most widely used wallets, and because of that, it is mostly targeted by hackers. Daily in the crypto world, there are reports of unauthorized transactions involving Metamask wallets and this is something that never seems to end.
While many people lost a few dollars, there have been cases where people have lost thousands of dollars. It doesn’t matter how many coins are in your Metamask wallet; hackers are always interested in your money, so if you are careless, you are at risk.
Hackers come up with new strategies every day. As a crypto investor, it is beneficial if you know the different methods these people use. Here are some ways your Metamask wallet can be hacked:
- Fake Metamask extension: your wallet can be hacked if you install a fake Metamask extension. If you enter your seed phrase into the fake extension, fraudsters can easily gain access to your account.
- Sharing your private key: Your wallet can also be hacked if you share your private key or a seed phrase with another person. This could be your friend, a close relative, or a stranger. Beware of fake customer support agents asking you for your seed phrase, private key, or password. Metamask support will never ask you for it.
- You give a website or smart contract unlimited access to your wallet balance: Your wallet can be easily compromised if a website has access to your account and the funds on it. This means that the website or a smart contract can transfer all your tokens at any time without your consent. However, you can review and revoke such a website or smart contract at https://tac.dappstar.io.
- Phishing Websites: If you enter your data on a malicious website, your data can be stolen and your wallet can be hacked. Phishing websites look real but are designed to steal users’ data. A small change in the URLs of the original website can lead to a malicious website.
- Infected computer: Hackers can access your data if you use a computer infected with malware/spyware. You store your information on the computer, and thus your account can be easily hacked.
- Do not access your wallet while using public Wi-Fi. If you use public Wi-Fi, your data may be publicly accessible and you risk being attacked.
- Do not click on every link you receive in your email. Scammers take advantage of this method to get your wallet data. There are many fake airdrops whose goal is to steal others’ data by sending you links to follow.
- Always look out for bad grammar, unusual formatting, and fake URLs when you receive suspicious mail. Most hackers are not professional enough when sending emails. By easily spotting common mistakes in their emails, you can prevent yourself from becoming a victim.
- Be wary of fake websites. The official Metamask website is https://metamask.io, and the official Metamask support website is https://support.metamask.io. Any website that differs is not from Metamask itself. So be careful when entering your data on such a website.
- Make sure your seed phrase is protected. Do not save your seed phrase as a screenshot. Write it on a piece of paper and keep it in a safe place.
- Be careful when using the Metamask Chrome extension. If possible, avoid it. You can use the mobile version of Metamask instead.
- Use a secure laptop to access your wallet. Do not install unwanted, cracked, or illegal software on a secure laptop.
- Finally, do not lose your seed phrase. Remember the saying, “Forget your keys, lose your money”.
If you are asking yourself this question, there are a few things you can do to prevent another attack. Do these as soon as possible:
- Reinstall the Metamask extension or install another extension in a different browser. If you use a smartphone, delete the app and download a fresh one.
- Create a new wallet.Write down your Recovery Phrase and keep it safe. Do not share it with anyone.
- If you are left with funds on the affected account, send the remaining funds to your newly created wallet.
- Stop using the old account immediately. Delete it entirely from your device.
- Contact Metamask support to report the scam.
The fact remains that your wallet can be hacked. However, hackers don’t just break into your wallet. They need your carelessness to do that, and that’s why you need to be careful.
Bear in mind that if your wallet is hacked, transactions cannot be reversed and your missing funds cannot be restored.
Cryptocurrency transactions cannot be easily traced, so you should assume you’ve lost the money forever.
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
- 3Commas Review | Pionex Review | Coinrule review
- Ledger vs Ngrave | Ledger nano s vs x | Binance Review
- Bybit Exchange Review | Bityard Review | Jet-Bot Review
- 3Commas vs Cryptohopper | Earn crypto interest
- The Best Bitcoin Hardware wallet | BitBox02 Review
