Metamask News: Wallet to Collect User IPs
Details of the Metamask news
According to ConsenSys, information obtained in this manner may be provided to affiliates during business transactions or to comply with law enforcement's Know Your Customer and Anti-Money Laundering laws. With in excess of 21 million monthly active users, MetaMask is one of the most popular self-custody wallets.
Reactions to the Metamask news
The crypto community's reaction has been generally negative. Cinneamhain Ventures partner Adam Cochran, for example, stated that: "Nothing is more important than consumer privacy, especially regarding financial information - they have the right to remain anonymous.
For a long time, the wallet has given excellent free service, but their choice to track IP addresses and link them to transactions is unethical."
Hayden Adams, the Uniswap protocol creator, reacted to inquiries by stating that the decentralised exchange does not collect IP addresses and does not enable third-party tools on the network to do so. ConsenSys has joined the ranks of significant Web3 firms, such as Coinbase, in implementing IP collecting, partly due to more stringent laws.
"With the latest revelation that Metamask/Infura is gathering IP and wallet addresses, I recommend you to take the time to change your RPC" stated one Twitter user, @0xBiZzy. "Following the collapse of FTX, the crypto industry has made a more significant effort to keep assets on cold wallets – wallets that don't link to the internet. Keep your privacy!"
RPC is an abbreviation for remote procedure calls. Developers use it to create decentralised apps (Dapps) and allow programmes to connect directly to the blockchain.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.