MetaMask User Loses $650,000 To Phishing Attack

A Metamask user lost $650,000 due to a phishing attack. As per the report, the victim had received spam messages from the attackers asking to reset his Apple account. The texts were soon followed by a call from a parody Apple Inc. number.

The target claimed to have received this call on April 15th at 6:32pm, in which the caller posed as a support agent investigating suspicious activity on the account. With the stage set, the victim was instructed to provide the six-digit code from Apple.Following the prompt, cryptocurrencies worth $655,388 were withdrawn from the account. 

MetaMask Late Warning

Following the incident, MetaMask discovered a vulnerability and warned its iOS users. The firm shunned it users from storing their seeds on Apple’s iCloud if app data backup is active. 

Boasting more than 21 million investors, a large number of these figures are vulnerable to this threat as the 12 word secret recovery phrase protects and grants access to a wallet content.

Storing this sensitive information in iCloud means that once the Apple account has been compromised, the user will likely lose all their assets as well. 

Previous Developments on MetaMask

On March 29, MetaMask announced a raft of updates to its mobile version 4.3.1, the most significant was the Apple Pay integration. The catch is that Apple does not directly support crypto payments through its own platform, so it has to be done via Wyre, which does support crypto and integrates with Apple Pay.

Users can now also buy crypto with debit or credit cards, eliminating the need to send ETH to the app in advance. Apple Pay users can deposit a daily maximum of $400 into their wallet using their Visa or Mastercards and the Wyre API.

Last week, MetaMask Institutional, the institutional version of the popular Ethereum wallet MetaMask, announced on Wednesday that the new integration will provide decentralized autonomous organizations (DAOs) with key management tools to participate in DeFi activities