ConsenSys clears the air on the rumored MetaMask crypto taxes

    ConsenSys, the company behind the renowned web3 wallet MetaMask, has (on Monday) refuted claims that it collects taxes for cryptocurrency investors. That follows social media FUD and several rumors that MetaMask collects taxes on crypto transactions.

    The company confirmed that it was following the tweets with inaccurate information on its terms and conditions. ConsenSys clarified that MetaMask doesn’t collect taxes from crypto users and never made any adjustments allowing them to do that.

    News alert: MetaMask Imposes No Taxes on Crypto, ConsenSys Confirmed.

    Read it:

    — Token 10X: Coin listing | Crypto news | Reviews (@token10x) May 22, 2023

    No crypto taxes for MetaMask users

    The clarification comes after screenshots of MetaMask’s terms of service, with section 4.3 stating that the platform can withhold taxes whenever necessary. As expected, that catalyzed uproar within the cryptocurrency world during the weekend.

    ConsenSys stated that the referenced terms weren’t new and applied to its products subject to sales tax. It clarified that the mentioned tax doesn’t apply to MetaMask and products not subjected to sales tax. Moreover, ConsenSys added that it remains active in fighting misinformation about its services and products.

    Nonetheless, MetaMask has dealt with claims stemming from ConsenSys terms before. In November 2022, the updated ConsenSys policy indicated that Infura, a tool for creating applications connecting to the Ethereum blockchain, could gather more user information, including IP addresses and Ethereum transactions.

    Meanwhile, that triggered disgrace over what users perceived as a decentralized wallet. The outrage forced the firm to revise its privacy terms, and CEO Joseph Lubin clarified that MetaMask uses IP information for routing only.

    MetaMask’s popularity has also made the wallet a target for phishing attacks, hackers, and scammers. For instance, ConsenSys highlighted a data breach in April. The attack impacted nearly 7K MetaMask users.

    Crypto market today data shows the cryptocurrency market in retreat mode, with most assets reflecting minor 24hr dips. Bitcoin and Ethereum lost 0.19% and 0.55% (respectively) over the past day. Bitcoin traded at $26,895.29 at press time, whereas Ethereum changed hands at $1,806.17.

    The post ConsenSys clears the air on the rumored MetaMask crypto taxes appeared first on Invezz.

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