News - Is Metamask secretly collecting tax per transaction?

By Ted Maas

Is Metamask secretly collecting tax per transaction?

Wallets and Whales

After the Ledger fiasco, rumors are leading to another scandal at Metamask. The wallet would collect taxes on any transactions. ConsenSys is already coming up with a resolute answer: no.

Fear, uncertainty and doubt (FUD) spreads quickly on social media. The most recent example: the rumor that Metamask collects taxes on its users' transactions led to a scandal on crypto-Twitter. ConsenSys, the parent company behind the cryptowallet, has since clarified. The rumors were "incorrect information" based on a misinterpretation of Metamask's terms of use. The tax section in the terms of use refer only to the products and paid subscriptions offered, the company said. ConsenSys says the following:

"Metamask does not tax crypto transactions. We have made no changes to our terms and conditions in this regard."

Metamask collected user data.

Still, user confidence has plummeted. Last year, it was revealed that Metamask had collected user data. Among other things, the wallet kept all information about identity, address details, e-mail addresses, phone number, usernames, passwords, credit cards, bank account as well as IP and wallet addresses.

Just last week, the company behind hardware wallet Ledger caused a stir in the cryptoscene. Metamask users were concerned that ConsenSys would follow a similar path. As the wallet provider points out, that is not the case. "We believe in transparency and accuracy when it comes to sharing information with our users. Our commitment to combat misinformation about our products and services remains the same", the company said.

In the aftermath of the scandal, Metamask's CEO apologized. Even then, many users stated they were leaving the wallet service. Even after the current clarification, some investors have had enough of ConsenSys and are switching to another wallet.

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