Jan 10, 2024
With 30 million users making transactions via MetaMask each month, a risk assessment solution built right into the wallet is a must-have. Powered by its enhanced risk detection mechanism, W3A Snap exposes the most critical Web3 scams, ensuring users don’t fall for them.
So, to help MetaMask users avoid becoming part of the sad statistics, we released a significant upgrade of W3A Snap, significantly enriching the list of risks and scams it instantly identifies and warns users about.
But before we dive into the update’s details, we will make a brief Snap intro to make sure you understand what it is and how it works.
The MetaMask wallet allows users to add plugins, called Snaps, to customize its functionality. For example, make it possible to manage tokens not typically recognized by the wallet, such as Bitcoin.
W3A Snap is a MetaMask security plugin that protects users from Web3 scams and risks. It checks all the contracts, addresses, and assets involved in a transaction and assesses their safety. If it detects anything suspicious, the Snap shows an instant warning.
With the newest update, W3A Snap can detect many crucial risks, including:
🚨Token drainers that will transfer all your assets to scammers.
🚨Scam assets that may come in different forms: honeypots, that will be impossible to sell or transfer, wash traded tokens with artificially inflated prices, and fake tokens impersonating the legit ones.
🚨Fake addresses either mimicking the address you’ve interacted with before or pretending to be a 0x00000...00000 address.
🚨Suspicious address, meaning that you are about to make a transaction with a wallet address that took part in scam activities.
🚨Malicious contract logic that will allow the contract owner to manage the tokens you’ve purchased to their liking: transfer or burn them, grant or block token approvals, and more. Plus, W3A Snap will warn you if the contract can metamorphose its code, potentially introducing harmful logic.
🚨Malicious transfers that will move your tokens to a scammers’ address but send you nothing in return.
🚨Phishing attempts such as phishing swaps, where the tokens you’ve purchased on a DEX will go to scammers, and phishing contracts that will allow fraudsters to steal your tokens.
🚨Blocklisted website transaction signaling that you are about to make a transaction on a website that is flagged as dangerous by W3A.
🚨Liquidity issues such as volatile token liquidity or the absence of a DEX pair for a token you are about to purchase.
So, as you can see, Snap’s risk detection mechanism is now much more efficient, helping you make smarter and safer transactions. A great winter holiday gift for all Web3 enthusiasts, don’t you think? 🎄
We wish you a happy holiday season and promise to help you stay away from scams and risks in the next year and many more to come! ☃️