On November 24, MetaMask, an Ethereum-based browser wallet, updated its privacy policy to include the collection of personal information like IP addresses and wallet addresses during transactions.
🚨 MetaMask Tracking IP Address 🚨
Consensys, the company that owns MetaMask, just updated its Privacy Policy to state that they are collecting your IP ADDRESS and your ETH ADDRESS when you send a transaction.
Source: https://t.co/yV4aQ6XZzD
Your options 🧵 ↓
1/4 pic.twitter.com/smfF5VgGk3
— Crypto Snooper 🔎 (@CryptoSnooper_) November 24, 2022
Crypto Snooper, a crypto enthusiast on Twitter, announced this information in the early hours of the day, including a picture that shows where it was included in the privacy policy.
MetaMask was created and developed by ConsenSys, a platform created by one of Ethereum’s network founding fathers, Joseph Lubin. He founded the network in 2014 as a hub for developing decentralized apps and software services compatible with the ETH network.
They launched MetaMask in 2016 as a cryptocurrency wallet that features DeFi functions and can interact with the Ethereum blockchain.
In 2020, four years after its launch, ConsenSys announced that MetaMask had, for the first time, recorded 1 million active users in October.
But in just six months, that figure quadrupled, and they reached over 5 million active users. Incorporating several features like DAOs, blockchain gaming, MetaMask mobile, and the widespread demand for DeFi all contributed to such an increase in a short time.
MetaMask swap is used by a sizable portion of the 5 million active MetaMask users. This tool lets users directly swap their tokens in their wallets, using multiple DEX aggregators to provide the best swapping prices.
In the 6 months the wallet experienced such a massive increase, the swap feature recorded a sum of $2 billion in total transaction volume.
However, the recent developments on wallets could threaten their massive following, as privacy is highly valued in the financial system.
Nevertheless, they left a loophole through which users can use third-party RPC providers to evade the collection of their data, and Crypto Snooper, in his tweet, recommends that users utilize Alchemy.
In addition, he provided a link to a tutorial on how to use Alchemy as a third-party RPC on the wallet. However, RPC nodes are not without risks; that’s why he also included a second option, which is to change the wallet.
A crypto snooper suggested two wallets: Rainbowdotme and TrustWallet. However, he urged users who were considering this option to restore their wallets in order to facilitate a smooth migration.
On Twitter, other members of the crypto community left comments on the post, the majority of which were critical of the current situation.
Some, however, felt it was no big deal and will likely continue using MetaMask. There may be a drop in users as a result of MetaMask’s recent decision to invade user privacy.
However, the possible outcome is not yet known; the best option now is to wait and see how events will play out.
