Blockchain forensics firm CipherTrace has warned cryptocurrency users to be wary of phishing malware masquerading as popular cryptocurrency wallet MetaMask.
The firm released a warning to users of Internet web browser Google Chrome that it had a surge of reports of a browser extension phishing attack that mimicked MetaMask. MetaMask is a widely used wallet and browser extension and is also a gateway to using Decentralized Finance’s platforms like UniSwap.
CipherTrace indicated that it had notified the cryptocurrency service provider of the extension and fraudulent phishing website and MetaMask posted its own warning to users through its social media channels.
The fake extension would take users to a fraudulent website that looks almost identical to the legitimate MetaMask website, which encourages visitors to download the phishing malware.
DeFi drives cybercrime in 2020
Earlier this year CipherTrace released a report that claims half of all cryptocurrency-targeting hacks in 2020 have taken aim at Decentralized Finance platforms
The report formed part of an excerpt from its 2020 Cryptocurrency Crime and Anti-Money Laundering Report which detailed how DeFi hacks have accounted for 21% of the total thefts and hacks this year.
The first six months of 2020 saw $51.5mln stolen from DeFi platforms, accounting for 45% of all thefts and hacks during that period. This then increased in the second half of 2020, as $47.7mln was stolen from DeFi platforms which accounted for 50% of all thefts and hacks in the second half of the year.