A popular self-custodian wallet, MetaMask, recently dispelled rumors of a snapshot or airdrop circulating the Internet. Following this occurrence, the firm highlighted the need for maximum caution, given the continuous rise in fraudulent activities in the digital asset space.

The perpetrators used social media to spread rumors about a MetaMask snapshot taking place on March 31. However, MetaMask has warned users to beware of such rumors, which are false and dangerous, urging users to avoid clicking the fake links or sites driving the deceptive rumors.

Notably, the rumors said that the snapshot would take into account usage of MetaMask’s services such as its Swap and Bridge features, as well as volume, to determine eligibility for an airdrop.

In its tweet, the wallet service stated that false rumors like these create a breeding ground for phishers and scammers to take advantage of users’ crypto holdings. Meanwhile, the Twitter accounts that the perpetrators used to drive the rumors of the MetaMask snapshot were identified.

Users should consider the snapshot rumors as part of a common scam tactic known as phishing. This is the fraudulent practice of tricking people into providing personal information, such as passwords or private keys, under the guise of a legitimate entity. Technically, scammers use phishing to gain unauthorized access to users’ accounts and steal their digital assets.

Users can avoid these practices by remaining vigilant. They should also desist from clicking on any suspicious links or providing their private keys or other personal information to anyone claiming to be from MetaMask.

In such a case, setting up a two-factor authentication that verifies the authenticity of any communication before taking any action is necessary to escape such exploits.

It’s still uncertain how or why the culprits came up with the idea of a MetaMask snapshot. Some believe it must have resulted from the March 14 ETHDenver 2023 Fireside Chat with Ethereum co-founder and ConsenSys CEO Joe Lubin.

In his speech, Lubin cited that his company is already in the pipeline to make MetaMask more decentralized. In another report, he stated that his team members would combine efforts to create and launch a token to enable further decentralization, but there was no timeline given. 

This statement followed an initial speech from Lubin, stating the company’s control over the tokens on its balance sheet. His comments highlight the company’s interest in digital assets, which must have driven the idea of the airdrop.

Meanwhile, members of the community have suggested that MetaMask comes up with an official token airdrop. They noted that such a move is the best way to tackle these incidents. While that stands, the company is yet to state whether or not an airdrop will occur soon.

Featured image from TopTal and chart from Tradingview.com

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