MetaMask Warns Users About Deceptive Token Schemes Falsely Claiming Affiliation with the Platform

MetaMask has issued a warning to users about deceptive token schemes falsely claiming affiliation with the platform, emphasizing that there is currently no official MetaMask token.

MetaMask, the popular Web3 wallet provider, has issued a warning to users about deceptive token schemes falsely claiming affiliation with the platform.

MetaMask announced on March 3 that there is currently no official MetaMask token. However, some projects have been promoting non-existent MetaMask tokens and indicating trading, or pre-market trading, of a MetaMask token.

“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.These advertisements and promotions are for speculative platforms unrelated to Consensys and without our permission,” the statement reads.

This warning follows MetaMask’s February 28 announcement regarding a critical update that will introduce Bitcoin (BTC) and Solana (SOL) smart contract capabilities to its network. Scammers may be attempting to exploit this development.

MetaMask has previously addressed similar threats. In March 2023, the platform debunked rumors of a MetaMask token airdrop, warning that such claims were not only false but also dangerous, as they created opportunities for scammers and phishing attacks.

Rise in crypto scams

Scams involving fraudulent tokens have been on the rise, with malicious actors convincing users to invest in counterfeit assets that mimic reputable projects. These schemes often result in significant financial losses for unsuspecting investors.

Notably, entrepreneur Mark Cuban reportedly lost nearly $870,000 after interacting with a compromised MetaMask wallet. Additionally, MetaMask users have been targeted by address poisoning attacks, where scammers manipulate transaction histories to trick users into sending funds to fraudulent addresses.