MetaMask is one of the world’s most popular manufacturers of cryptocurrency wallets. However, with cryptocurrency security being a critical aspect of an investment, the company has issued a warning that many investors might want to heed.
Last week, MetaMask warned Apple users to ensure the proper security of their devices, with automatic cloud backups becoming a problem.
Automatic Backups Could Be Bad For You
In a Twitter thread shared, MetaMask’s developers explained that there appears to be a major security flaw with cloud backups on Apple devices. The ConsenSys-owned wallet manufacturer pointed out that Apple devices store users’ private keys on their cloud platforms, especially when the automatic cloud backup option is enabled.
Thanks to the security flaw, attackers would be able to target vulnerable users with phishing tactics. This could potentially cause these hackers to steal private keys and access the wallets and security keys.
Providing a recommendation, MetaMask asked that all customers using iOS devices should be additionally vigilant with their passwords and security phrases. The company added that anyone looking to turn off the automatic cloud backup can do so by heading to the “Settings” section and then tapping on “Profile” > “iCloud” > “Manage Storage” > “Backups.” Once the toggle is turned off, the backup feature will be removed.
The security option will be especially important as crypto investors tend to lose their funds rather easily. And many times, these losses could happen through no fault of the victims themselves.
Just this month, a MetaMask user took to Twitter to request assistance as his wallet had been drained of coins worth about $100,000. The user explained that he had fallen victim to a phishing attack and that his wallet was completely wiped as a result.
It is unclear whether the user eventually got any help with recovering his funds. However, knowing how quickly most hackers tend to move funds after they steal them, there’s a high probability that those funds might be gone.
A Snag On An Impressive MetaMask Run
The warning for Apple users comes less than a month after MetaMask expanded its support for its Apple devices. At the tail end of March, the wallet manufacturer announced a set of new integrations for Apple users, including the ability for them to process payments with their credit cards.
Thanks to the new feature, Apple users would be able to use their MetaMask wallets to buy cryptocurrencies directly with their cards instead of transfering Ether (ETH) from a centralized crypto exchange or an external wallet.
The feature was made possible thanks to MetaMask’s use of two payment gateways - Transak and Wyre. Now, users will be able to use their Mastercards and VISA cards stored in Apple Pay to purchase ETH and make deposits into their wallets. The Wyre API integration also ensures that gas fees for ETH transactions are much lower - so much so that some transactions could be completed without gas fees entirely.
MetaMask has also done a good job of bolstering its institutional acceptance. A few weeks ago, the wallet manufacturer onboarded multiple institutional and custodial partners - including Gnosis Safe, Hex Trust, and GK8. The integration will be via MetaMask Institutional (MMI) - the wallet manufacturer’s institutional arm.
As the company explained, MMI’s goal will be to provide decentralized autonomous organizations (DAOs) with critical management tools that will help them effectively participate in decentralized finance (DeFi) services. Amongst other things, MMI will provide institutions with seamless access to Web3 and DeFi while maintaining their compliance standards.
With MetaMask doing its bit to expand and grow, the company will definitely want to maintain user security and not hurt its business.