How Can You Store Your Crypto Assets? How do you keep it safe?

MetaMask is one of the most popular and widely used crypto wallets in the world. It allows you to interact with various decentralized applications (dapps) on the Ethereum blockchain, as well as store and manage your crypto assets. But how safe is MetaMask from hacking and theft? And what can you do to protect your wallet and funds from malicious attacks?

In this article, we will answer these questions and provide you with some tips and best practices to keep your MetaMask wallet secure. So let's get started!

What is MetaMask and How Does It Work?

MetaMask is a browser extension that acts as a bridge between your web browser and the Ethereum network. It enables you to access dapps without having to run a full node or download any software. You can simply install MetaMask on your browser (Chrome, Firefox, Brave, or Edge) and create a wallet account with a password and a 12-word secret recovery phrase. This phrase is the key to your wallet and allows you to restore your account on any device.

MetaMask also supports other blockchains that are compatible with Ethereum, such as Binance Smart Chain, Polygon, Avalanche, and more. You can switch between different networks using the dropdown menu on the top right corner of the MetaMask interface. You can also add custom networks by entering their RPC URLs and other parameters.

MetaMask allows you to send and receive various tokens that follow the ERC-20 standard, as well as non-fungible tokens (NFTs) that follow the ERC-721 or ERC-1155 standards. You can also swap tokens directly within MetaMask using its built-in aggregator that compares the best prices across multiple decentralized exchanges (DEXs).

What are the Risks of Using MetaMask?

MetaMask is a crypto wallet that is connected to the internet. This makes it more vulnerable than offline wallets to hacking, theft, and phishing attacks. For instance, if you were to fall for a phishing email that infected your device with a keylogger or virus, then you could have your credentials and assets stolen.

Some of the common ways that hackers can target MetaMask users are:

• Phishing websites: These are fake websites that mimic the appearance of legitimate ones, such as MetaMask’s official website or dapps that you use frequently. They may ask you to enter your password or secret recovery phrase, or download a malicious file or extension that compromises your wallet.
• Fake extensions: These are extensions that pretend to be MetaMask or other useful tools, but are actually designed to steal your information or funds. They may look identical to the real ones, but have slightly different names or URLs.
• Sweeper scripts: These are scripts that run in the background of your browser and monitor your MetaMask activity. They may try to intercept your transactions and replace the recipient address with their own, or send out all your funds as soon as you deposit them.

• Unlimited access: This is when you grant a dapp or site’s smart contract unlimited access to your funds without realizing it. This may happen when you approve a transaction without checking the details carefully, or when you use a malicious dapp that tricks you into giving away your permissions.

How to Protect Your MetaMask Wallet from Hacking?

The good news is that there are many ways to prevent hacking and secure your MetaMask wallet from unauthorized access. Here are some basic safety and security tips for MetaMask users:

• Store your secret recovery phrase offline: Your secret recovery phrase is the only way to recover your MetaMask accounts if you lose access to your device or browser. Never store it online or on your computer, as it can be easily hacked or stolen. Instead, write it down on a piece of paper or use a metal backup device such as CryptoSteel or Billfodl. Keep it in a safe place and never share it with anyone, including the MetaMask team or anyone claiming to represent us.

• Use a strong password: Your password protects your MetaMask account from unauthorized access on your device or browser. Use a strong password that is at least 8 characters long and contains uppercase letters, lowercase letters, numbers, and symbols. Avoid using common words or phrases that can be easily guessed or cracked by hackers.
• Enable browser security features: Your browser may have some security features that can help you detect and avoid phishing websites or fake extensions. For example, Chrome has a Safe Browsing mode that warns you when you visit a potentially harmful site or download a suspicious file.
• Verify the URL and SSL certificate of the website: Before you enter your password or approve a transaction on MetaMask, always check the URL and SSL certificate of the website you are visiting. The URL should start with https:// and match the official domain of MetaMask or the dapp you are using. The SSL certificate should be valid and issued by a trusted authority. You can click on the padlock icon next to the URL to view the certificate details. If you see any warning signs such as misspellings, typos, or expired certificates, do not proceed with the action and report the site to MetaMask support.
• Limit the access and permissions of dapps and sites: When you use a dapp or site that interacts with MetaMask, you may be asked to connect your wallet and approve certain transactions or actions. Always read and understand what you are agreeing to before clicking on any buttons or checkboxes. You can also limit the access and permissions of dapps and sites by using the “Edit Permissions” option on MetaMask. This allows you to revoke or modify the access of any dapp or site that you have previously connected to your wallet.

• Use a hardware wallet: A hardware wallet is a physical device that stores your private keys offline and signs transactions securely. It is considered to be one of the safest ways to store and manage your crypto assets, as it is immune to hacking, phishing, or malware attacks. MetaMask supports several hardware wallets, such as Ledger, Trezor, KeepKey, and BitBox. You can connect your hardware wallet to MetaMask and use it as an external account. This way, you can enjoy the convenience of MetaMask while having the security of a hardware wallet.

MetaMask is a great tool for accessing and exploring the world of decentralized applications on Ethereum and other compatible blockchains. However, it also comes with some risks and challenges that require users to be vigilant and responsible for their own security. By following the tips and best practices mentioned in this article, you can protect your MetaMask wallet from hacking and theft, and enjoy your crypto journey with peace of mind.