NFT REVIEW NEWS MetaMask Deals a Blow to Wallet Draining Attacks

Market leading crypto wallet, MetaMask, has introduced a vital security update to its Ethereum Mainnet side of operations, essentially forewarning users of potential wallet draining attacks when interacting with external links.

Over recent months, a spate of NFT scams has seen compromised social media accounts lure in unsuspecting collectors, causing those surfing the FOMO to sign ambiguous ‘SetApprovalForAll’ transactions. This would then grant access for the sinister puppeteer to drain the wallet of its contents, all before disappearing into the ether with the ill-gotten loot.

So, in a bid to address this thorn in its side, MetaMask has upgraded its services to better label these potential exploits. Therefore, users will now see a clearer message, written in a larger font, taking away the ambiguity from the transaction wording and indicating exactly what permissions are covered.

.@Metamask 10.18.0 is out 🙌

This update includes the much-needed emphasis for when a transaction is requesting “Set Approval For All”

Kudos to the team for addressing this quickly pic.twitter.com/zWHVVPszzR

— Wallet Guard (@wallet_guard) July 27, 2022

Going forwards, MetaMask has hinted at a future, more robust solution. However, as some applications have a genuine use for the ‘SetApprovalForAll’ function, it cannot disable it completely. Regardless of this, it will continue to develop its resources with the safety of its users at heart.

For now, and forever, always play it safe when initiating a transaction, triple check its source, and keep an eye on those permissions.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Decentralised human, Explorer, Adventurer.