Has decentralization disappeared?
The widely used cryptocurrency wallet Metamask will begin collecting users’ IP addresses and Ethereum wallet addresses during transactions, per the privacy policy it issued by ConsenSys. Your IP address is now tracked by Metamask.
What was the response of the cryptosphere to this?
Where did consumers’ privacy go?
Let’s explore the disaster.
Consensys modified Metamask’s privacy policy on November 23, 2022, upsetting many of the cryptocurrency wallet’s users. Remember that there are 21 million active users per month.
The policy lists in great detail all the data ConsenSys gathers from users.
Identity information, contact information, profile information, financial information, marketing information, and technical information are just a few examples of what is covered.
Users’ addresses will only be gathered, according to ConsenSys, if they utilise Infura, Metamask’s default RPC (Remote Procedure Call) provider. ConseSys, however, made the following claim:
Infura and MetaMask won’t collect your IP address or Ethereum wallet address if you’re using your own Ethereum node or a third-party RPC provider, but you should be aware that your information will be subject to whatever information collection is carried out by the RPC provider you’re using and their terms regarding such collection.
According to the privacy statement, Metamask will use your personal data to comply with legislation, including KYC (know-your-customer) standards and AML (Anti-Money Laundering) guidelines. Consequently, the well-known anonymous NFT/crypto traders might disappear.
The communities reaction
Evidently, the amended privacy policy was not well received by the crypto community as a whole. Users expressed their worries about the privacy breach despite the fact that Metamask is a decentralized exchange. Since blocking user wallets in Iran and Venezuela in March of last year, people have questioned how decentralized the wallet actually is.
Additionally, @CryptoArmament specifically stated that “don’t collect our info” if you want to be the preferred wallet for DeFi. Whether or not you use it right away.
simply indicates that our data is kept somewhere, ready for a breach.
We should look for a different wallet to use because it looks bad.
It’s important to remember that before you uninstall Metamask, you must restore your wallet if you’re thinking about switching wallets.
IMPORTANT INFORMATION
The Metamask crew responded with a somewhat unhelpful tweet after receiving a significant amount of flak, which only made things worse.
All things considered, Metamask is treading carefully in the cryptosphere.
Users aren’t afraid to switch wallets. The team’s progress could help or hurt Metamask’s chances of success.
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