04-19-2023 icon

MetaMask Refutes Allegation of Wallet Hijack in Huge $10 Million Scam 

By Lucy Adegbe

Digital currency self-custodial wallet MetaMask has countered allegations that a scam carried out on its wallet is the originating justification for the huge “wallet draining operation” that has taken more than 5,000 in Ethereum coins. 

On Tuesday, the wallet provider posted a Twitter update reacting to a Monday tweet published by Taylor Monahan, owner of open-source Ethereum management tool MyCrypto, who noted that an anonymous wallet exploitation scam has claimed more than $10.5 million worth of digital currencies and non-fungible tokens since last December. 

According to MetaMask, the recently published update by Monahan has wrongly alleged that a huge wallet exploitation scam is due to a MetaMask hijack. The allegation is wrong, as this is not a MetaMask-distinctive hijack, it emphasized. 

MetaMask clarified that the estimated 5,000 ethereum coins were claimed from diverse addresses in about 11 distributed ledgers, refuting the allegations that reserves were hijacked from MetaMask as wrong. 

As stated by Wallet Guard co-owner Ohm Shah in an address to Cointelegraph, MetaMask has been operating relentlessly and there is no concrete response to clarify how everything occurred. 

There are many other autonomous security analysts looking into the case as well, Shah said. 

In a recent Twitter upload, MetaMask verified that its security unit is well invested in activities to uncover the origin of the hijack and is also operating with other bodies in the Web3-based wallet ecosystem.