CryptoKitties became famous in December 2017 when it hacked the Ethereum blockchain. Post this, a lot of users lost confidence and the number of users dropped to a few hundred.
Dapps was quite difficult to use for many users, and just then Metamask came to the fore. The mission of Metamask is to make DApps accessible to the common user.
MetaMask is a plugin that can be installed like any other on the browser and also it comes in the form of mobile apps. In the MetaMask wallet, the user can store Ether and other ERC-20 tokens.
This wallet can then be connected to Dapps where users can stake tokens, spend their currency in different games, etc. It is a great platform for users to engage with Defi applications such as PoolTogether and Compound.
Can MetaMask Wallet be Hacked?
Yes, it can be. But it’s not at all easy. MetaMask has plenty of security features which makes it quite safe. For example, it does not save the wallet information on the servers. You should make sure you should not share your secret recovery phrase with anyone and store your secret recovery phrase offline because online storage is also vulnerable to hacking.
It is saved on the Internet and MetaMask does not have access to it. But an experienced hacker still has some capability to locate the encrypted file.
The most serious technical flaw with MetaMask wallets that we are aware of is also what makes them so useful. Every cryptocurrency wallet contains two keys: a public key that can be seen by anybody and is used to transfer cryptos; and a private key that is only accessible to you.
Because the private key is what enables you to access the funds in the wallet, it should be kept hidden from the outside world.
If you use MetaMask very carefully, your wallet is likely to be protected. On the other hand, many of these phishing attacks can be so persuasive that even experts can fall for it.
Many investors will find MetaMask secure enough, but if you need better protection, the ledger may make your wallet even more secure.
How To Know If Your Metamask Is Hacked?
Whether a wallet is hacked, there will be no indication; the only way to tell if the wallet has been hacked is to verify if the funds have been emptied or the login credentials have been changed.
Because the hackers don’t want you to realize your wallet has been compromised, they make unnoticed transactions from it. As a result, you must carefully examine your transactions to determine whether or not you have been hacked.
Users may forget their previous transactions and continue to make transactions from their wallets until the hacker drains all of their funds at once.
So, if you ever have doubts about whether or not your wallet has been hacked, you can do one thing: deposit a little number of coins and then carefully analyze your transactions to learn more about your wallet.
What to do if your Metamask is Hacked?
Unfortunately, once your MetaMask wallet has been compromised, there is nothing you can do. Because cryptocurrency transactions are irreversible and impossible to track, you can rest assured that your money is gone for good.
Because MetaMask does not have access to the wallet information, you will be unable to retrieve your assets if you report the occurrence to them. If you want to keep using MetaMask as your crypto hot wallet, all you have to do now is make a new one.
If you’re not sure how your MetaMask wallet was hacked, it’s a good idea to start over with a fresh download of the app or a different browser. If there are any funds remaining in your hacked wallet, they can be transferred to a new one.
Can Metamask Be Hacked Without Seed Phrase?
Metamask wallets are often kept locally and protected with a complicated password. As a result, without your private key (seed phrase), hackers have no other means to crack you.
MetaMask saves your private key in your browser’s data cache so you can quickly access your wallet. Although it’s encrypted and can only be decrypted with your password, brute force guessing most passwords is much easier than a 64-character private key.
As a result, hackers frequently utilize malware or phishing scams to compromise software or websites on your computer or laptop.
They can get your private and public passwords if you have stored your MetaMask wallet private or public key someplace on your computer. They’ll be able to access your Metamask wallet after that, but they won’t be able to change your private key.
Phishing and virus assaults, rather than direct hacks, are the most common ways that MetaMask wallets are hacked.
How to get Back MetaMask Stolen Funds?
Nowadays, with the unexpected rise of Ethereum, crypto money is becoming the new normal. Everyone wants to invest in it and become wealthy very quickly. However, as we all know, with this technique of becoming wealthy comes crime scenes as well.
Each year, billions of dollars are lost due to cybercrime. According to recent research, cybercrime will cost the globe $6 trillion yearly by 2021, up from $3 trillion now.
When people are eager to invest in crypto but have a nagging uncertainty in the back of their minds, they worry that their assets will be stolen and they won’t be able to get a refund or that their right to ask for an immediate refund will be taken away.
Customers should be aware, however, that they do not need to be concerned with Metamask because their private keys are encrypted.
Now, with all of this in mind, the customer wants to know what “measures to take if your Metamask crypto assets are stolen or lost” are.
- The first and foremost thing to do is to inform Matemask immediately as to with which your funds are being held or they might already be working regarding the matter, Since you might not be the only one whose funds got stolen .
- Then take advice from the crypto hunter ( these individuals help to find the stolen assets or funds on the victims behalf.) suggested by the Metamask officials or staff. Crypto Hunters work with both the assets holders and the agencies responsible for maintaining law and order to retrieve the misplaced cryptocurrencies.
There are some software developed especially to generate millions of potential passwords and may tend to charge a flat fee.
What To Do If Metamask Seed Phrase Compromised?
If you ever come across an individual or a message attempting to steal your money, assets, funds, etc. by getting you to reveal personal information or asking you to send them money, you must avoid it because MetaMask will not be able to help you after that because of the natural workings of a blockchain, we will not be able to reverse the transaction once it has been completed. They may ask you to reveal your private key to your account by sugarcoating their words or want you to send them money.
If your seed phrase has been compromised, all you need to do is create a new account as a backup and transmit all of your valuables to that vault as soon as possible.
All you have to do to establish a new account is follow the instructions below:
- If your prior browser supports it, you should create a new account or switch your profile using a different browser.
- After you’ve created a new account, you need to add the Metamask extension to it.
- By following these steps, you can create as many accounts as you wish.
- Now copy all of your accounts’ addresses and go back to your original account to transfer all of your assets to the new accounts.
Send Tokens, ENS names, and Ethers, especially Ethers, because Ether is the one who is responsible for paying the transaction fees for all other transactions.
Is It Safe To Connect Metamask To Websites?
It is dangerous to connect your MetaMask to other websites. The biggest danger of integrating your MetaMask with other websites is that your data could be stolen. So, be cautious about which websites you connect to, and make sure that any critical information is encrypted.
To get the most out of MetaMask, you need to link it to other websites. You should, however, only connect your account to websites you trust. If you pick the wrong address, you risk losing your money or becoming a phishing victim.
Therefore, for the safest experience, connect your MetaMask only to websites with legitimate addresses and make an informed decision. Connect to public websites only if absolutely necessary, and it is always better to be on the safe side.
How To Secure Metamask From Hackers?
It’s critical to use the correct channels when dealing with cryptocurrencies and crypto wallets and to keep your private information safe at all times. The following are some of the top hack-protection practices.
Purchasing a hardware wallet is a wise investment (cold wallet). MetaMask is a software wallet, also known as a “hot” wallet because it is always online. Cold wallets are kept on non-internet-connected hardware.
Cold wallets have several disadvantages, but their main benefit is the protection provided by the lack of access to third parties.
If you’re holding a lot of cryptocurrencies, these are especially recommended. Never give your seed phrase to an untrusted party or enter it on a website. It’s preferable if you don’t use your MetaMask password.
Check or disable your browser add-ons. Some browser extensions may be able to record your screen or keyboard activity. In other instances, a hacker may detect the presence of your extension and display a pop-up to fool you into entering information.
Use anti-malware software on a regular basis. Investing in a good anti-malware tool and running it on a regular basis will help you catch malicious bugs on your computer before they cause any harm.
For crypto-related work, use a different computer. Hackers frequently target users’ primary computers. You may be able to lower your risk if you have the capacity to use a second account just for crypto transactions.
This is all you need to know about your MetaMask wallet being hacked. In short, deploy all encryption methods, use strong passwords and phrases, and never share your credentials with anyone.