MetaMask has issued a strong warning against deceptive token schemes falsely claiming to be affiliated with the platform, emphasizing that there is no official MetaMask token in existence. The leading Web3 wallet provider alerted users on March 3 about fraudulent advertisements promoting fake MetaMask tokens.
No Official MetaMask Token
In its announcement, MetaMask stressed that any claims suggesting the trading or pre-market availability of a MetaMask token are false and unaffiliated with Consensys. The company cautioned users to remain vigilant and avoid interacting with such speculative platforms.
“Please be aware that projects indicating trading, or pre-market trading, of a MetaMask token are unaffiliated with Consensys. There is currently no MetaMask token.”
Scammers Exploiting Recent MetaMask Updates
This warning follows MetaMask’s February 28 announcement regarding an upcoming critical update that will introduce Bitcoin (BTC) and Solana (SOL) smart contract capabilities to its network. Scammers may be leveraging this news to create misleading narratives about a MetaMask token launch.
MetaMask has previously dealt with similar fraudulent claims. In March 2023, the platform debunked rumors of an airdrop, stating that such misinformation opened doors for phishing attacks and other scams aimed at stealing user funds.
Rise in Crypto Scams Targeting Users
The surge in fraudulent token schemes reflects a broader trend of increasing crypto scams. Bad actors frequently convince users to invest in counterfeit assets that mimic legitimate projects, leading to significant financial losses.
High-profile incidents highlight the risks associated with such scams. Entrepreneur Mark Cuban reportedly lost nearly $870,000 after interacting with a compromised MetaMask wallet. Additionally, MetaMask users have been targeted through address poisoning attacks, in which scammers manipulate transaction histories to deceive victims into sending funds to fraudulent addresses.
Strengthening User Security
As crypto scams continue to rise, MetaMask urges users to stay cautious, verify official announcements, and avoid engaging with suspicious token offerings. The platform remains committed to enhancing security measures and educating users about emerging threats in the digital asset space.
