Popular cryptocurrency wallet, MetaMask, has issued an update that emphasizes when transactions request “set approval for all.” Wallet Guard, a Web3 security app, tweeted about the update recently, praising MetaMask for quickly addressing the issue.
The tweet included screenshots showing how the command is emphasized. However, according to comments on the thread, some fear the command still isn’t emphasized enough. The new update applies to the Wallet Guard Chrome extension and other third-party services with MetaMask integration.
“All Wallet Guard users should receive this prompt, it is recommended to update ASAP,” they wrote.
All Wallet Guard users should receive this prompt, it is recommended to update ASAP.
Check out our guide for updating your extensions:https://t.co/nozeFaqbAX pic.twitter.com/2FaEnpS8y1
— Wallet Guard (@wallet_guard) July 27, 2022
The “set approval for all” command grants smart contracts permission to transfer tokens from a user’s crypto wallet at a future time. It’s an ‘ease of use’ feature that prevents users from being bugged by requests or for desired transactions to be denied because the correct permissions were not in place.
However, while the command is essential to smart contracts and NFT transactions, it can also open up your crypto wallet to theft if a marketplace connected to the wallet is hacked or dealing with a malicious virus. With ‘set approval for all on’ you’re essentially leaving the door to your wallet ajar, rather than locking it shut.
MetaMask’s update is a more upfront and obvious reminder for users to be cautious when partaking in NFT or crypto transactions.
The threats from phishing and hackers
While hackers will always pose a threat to cryptocurrency owners, the most significant danger is still phishing. Multiple Bored Apes owners lost their NFTs in an Instagram phishing scam in April. Seth Green was one of the Bored Apes owners hit the hardest. Green’s Bored Ape #8398, which he had planned to star as a bartender in an upcoming television series, was stolen during the scam.
Cryptocurrency portal, Wormhole lost over $300 million in February to a hacker, while Tim Sweeny, CEO of Epic Games, recently made a statement declaring the Fortnite Token to be a scam.
“There isn’t a Fortnite cryptocurrency. The Twitter accounts promoting such a thing are a scam. Epic’s lawyers are on it. Also, shame on the cryptocurrency marketplaces that enable this kind of thing.” Sweeney tweeted.
Jack Brassell is a freelance journalist and aspiring novelist. Jack is a self-proclaimed nerd with a lifelong passion for storytelling. As an author, Jack writes mostly horror and young adult fantasy. Also an avid gamer, she works as the lead news editor at Hardcore Droid. When she isn't writing or playing games, she can often be found binge-watching Parks & Rec or The Office, proudly considering herself to be a cross between Leslie Knope and Pam Beasley.
