MetaMask users in Iran and Venezuela reported problems with completing transactions yesterday. It later emerged that affected users were deliberately blocked for “legal compliance” reasons.
“Infura is a Web3 backend and Infrastructure-as-a-Service (IaaS) provider that offers a range of services and tools for blockchain developers. This includes the Infura API (Application Programming Interface) suite.“
As expected, the community response wasn’t pretty, with deceit over decentralization being a common theme. And considering what’s happening in Russia-Ukraine, some realize that you or I could be next.
The Block’s VP of Research, Larry Cermak, said that if MetaMask is prepared to block Venezuelan IP addresses, it won’t be long before they block individual IP addresses. As a result, Cermak suggested users move to alternative wallet providers.
“If Metamask/Infura is open and willing to block countries like Venezuela by IP addresses, it’s only a matter of time until they are forced by regulators to censor individual people’s IP addresses. We need alternatives immediately, hoping that Alchemy and others don’t do this.”
But the latest data on MetaMask users shows there are 21 million monthly active users, making it the most popular wallet on the market. As such, making the jump to a viable alternative could prove tricky.
The Magic Internet Money podcast host, Brad Mills, called Ethereum “a trojan horse for tyranny.” Mills pointed out that big corporations, including JPMorgan, are behind ConsenSys. He added that only Bitcoin is “government-resistant.”
Ethereum is a trojan horse for tyranny.
Consensys owns Infura & Metamask. JP Morgan, UBS, Mastercard own Consensys.
99% of EVM transactions go through Consensys.
DeFi is captured by VCs & banks.
— Brad Mills (,) (@bradmillscan) March 3, 2022
In response to the backlash, MetaMask said the issue came down to an Infura “misconfiguration” and has now been resolved.
MetaMask is a client-side wallet that strives to make the blockchain maximally accessible to everyone. Infura had a misconfiguration this morning, but it has been corrected now. https://t.co/CYAhvGunHo
— MetaMask (@MetaMask) March 3, 2022
However, this doesn’t explain the MetaMask support notice describing the service outage due to “legal compliance” reasons.
Despite JPMorgan CEO Jamie Dimon calling Bitcoin “worthless” just five months ago, that hasn’t stopped the firm from trying its hand with crypto. For example, in creating its own payment token in the JPM Coin, which hasn’t had an update in a while. As well as its plans to become the first lender in the MetaVerse.
Covering all bases, the New York-headquartered megabank has also gone down the route of partnering with established crypto firms.
But the relationship between ConsenSys and JPMorgan is deeper than that. A group of 35 ConsenSys shareholders has demanded a “special audit” of the 2020 deal, which saw JPMorgan acquire a stake in MetaMask and Infura.
It’s alleged the ConsenSys Board had breached its fiduciary duties by approving the deal at the detriment of minority shareholders. As a result, the group is seeking to void the agreement.
“fundamental intellectual property and subsidiaries were illegally transferred from CAG into a new entity, ConsenSys Software Incorporated (CSI).”
With JPMorgan deeply embedded in the Ethereum ecosystem, is it time to admit ETH isn’t run for our benefit?
The post Ethereum blasted as “trojan horse for tyranny” following MetaMask scandal appeared first on CryptoSlate.
A brief history of US crypto sanctions
The Block has assembled a timeline of OFAC sanctions on crypto wallets, settlements with crypto firms, and general guidance to crypto operators, going back to 2018. The post A brief history of US crypto sanctions appeared first on The Block.
Just-In: Russian President Signs Bill To Ban Digital Assets Payments In Russia
Per Bitcoin.com, Russia’s Head of State Vladimir Putin, recently signed a bill that seeks to ban payments with digital financial assets (DFAs) into law. The State Duma noted this on Thursday, this move makes the use of digital assets to buy goods and services illegal. Crypto restrictions intensifies in Russia Following a series of crypto The post Just-In: Russian President Signs Bill To Ban Digital Assets Payments In Russia appeared first on CoinGape.
China still accounts for 10% of Bitcoin transactions
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Ethereum blasted as “a trojan horse for tyranny” following MetaMask scandal
MetaMask users in Iran and Venezuela reported problems with completing transactions yesterday. The post Ethereum blasted as “a trojan horse for tyranny” following MetaMask scandal appeared first on CryptoSlate.
Crypto’s Sanction-Slipping Power: Why Bitcoin’s Neutrality Is Its Greatest Humanitarian Asset
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Malaysia’s Deputy Finance Minister: Crypto Not Suitable as Means of Payment or Store of Value
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US Treasury Monitoring Crypto Use to Evade Sanctions, Says Treasury Secretary Yellen
U.S. Treasury Secretary Janet Yellen says the Treasury Department is monitoring Russian efforts to evade sanctions using cryptocurrency. Four U.S. senators have written to Yellen raising concerns about Russia using cryptocurrency as a channel to circumvent sanctions. Treasury Secretary Janet Yellen on Monitoring Russian Efforts to Use Cryptocurrency to Evade Sanctions U.S. Treasury Secretary Janet […]
A look at MetaMask, Infura, OpenSea and the countries they do not serve
There have been reports suggesting various crypto services are blocking access in certain jurisdictions. We break down what's happening. The post A look at MetaMask, Infura, OpenSea and the countries they do not serve appeared first on The Block.
Governments are on high alert for crypto in Russian sanctions evasion that nobody has seen yet
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The city of Lugano will accept Bitcoin, Tether and LVGA token as 'de facto' legal tender
Residents of the Switzerland city will be able to pay taxes, parking tickets, public services, and tuition fees using crypto. Switzerland’s southern city of Lugano plans for many local businesses to accept some cryptocurrencies as ‘de facto’ legal tender as part of a partnership with Tether.Speaking at the city’s Plan B event on Thursday, Tether chief technical officer Paolo Ardoino said the firm had set up a 3 million-Swiss franc fund in collaboration with Lugano officials t
The SEC is considering crypto recommendations for its custody rule
The SEC is considering new recommendations on crypto for investment advisers and investment companies, according to recent remarks. The post The SEC is considering crypto recommendations for its custody rule appeared first on The Block.
UK financial watchdog is investigating 50 unauthorized crypto firms
The FCA said it had opened more than 300 cases into unregistered crypto firms in the last six months, "many of which may be scams." The United Kingdom’s Financial Conduct Authority, or FCA, has announced it has 50 active investigations as part of its efforts to crack down on unregistered crypto businesses.In a Thursday announcement, the FCA said it had opened more than 300 cases into unregistered crypto firms in the last six months “many of which may be scams.” In addition, t
Fifty UK crypto firms under active investigation, says FCA
The UK's top finance watchdog said Thursday that 50 crypto firms are under active investigation. The post Fifty UK crypto firms under active investigation, says FCA appeared first on The Block.
Three hundred crypto firms investigated last year, says FCA
The UK's top finance watchdog said Thursday that 50 crypto firms are under active investigation. The post Three hundred crypto firms investigated last year, says FCA appeared first on The Block.
IRS official: ‘Expect more’ John Doe records requests from crypto exchanges
An Internal Revenue Service (IR) official said Wednesday to "expect more" in the way of broad information requests to crypto exchanges The post IRS official: ‘Expect more’ John Doe records requests from crypto exchanges appeared first on The Block.
Proof-of-Work Ban Removed From Europe’s Proposed Crypto Regulation
A text threatening to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining has been deleted from the draft legislation aimed at regulating the European crypto space. The move comes after the controversial provision sparked objections from the crypto community. MiCA Proposal Drops Ban on Proof-of-Work Coins Wording that could have banned cryptocurrencies with proof-of-work (PoW) mining, […]
US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia
U.S. Senator Elizabeth Warren is worried that “cryptocurrencies risk undermining sanctions against Russia.” She urges financial regulators “to take this threat seriously and increase their scrutiny of digital assets.” Senator Elizabeth Warren Worried Russia Could Use Cryptocurrency to Evade Sanctions As governments worldwide are placing sanctions on Russia following its invasion of Ukraine, U.S. Senator […]
NYDFS looks to crypto tools to help enforce sanctions against Russia
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UK Regulator Bans Floki Inu Ad for Being Irresponsible, Exploiting Investor FOMO
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