ConsenSys clears the air on the rumored MetaMask crypto taxes

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ConsenSys clears the air on the rumored MetaMask crypto taxes:- ConsenSys, the company behind the well-known MetaMask web3 wallet, has debunked claims that it collects taxes from cryptocurrency investors. These claims spread on social media, leading to confusion and rumors.

ConsenSys clarified that the information circulating on social media is incorrect. MetaMask does not collect taxes from crypto users, and there have been no updates to their terms and conditions allowing such actions.

No crypto taxes for MetaMask users

ConsenSys, the company behind MetaMask, has addressed concerns regarding recent screenshots of MetaMask’s terms of service that mentioned the possibility of withholding taxes. These screenshots caused confusion and raised questions within the cryptocurrency community.

To clarify, ConsenSys explained that the terms mentioned were not new and applied specifically to products subject to sales tax, which does not include MetaMask. They made it clear that MetaMask does not withhold taxes, and the mentioned tax provision does not apply to their services.

ConsenSys also emphasized their commitment to combating misinformation about their services and products. They are dedicated to providing accurate information to users and ensuring transparency.

MetaMask

MetaMask, a widely-used web3 wallet, has faced previous claims regarding its terms from ConsenSys. In November 2022, an updated policy caused concern when it mentioned that Infura, a tool for connecting to the Ethereum blockchain, could collect additional user information like IP addresses and Ethereum transactions.

This created dissatisfaction among users who expected MetaMask to be a decentralized wallet. In response, ConsenSys revised its privacy terms, and CEO Joseph Lubin clarified that MetaMask only uses IP information for routing purposes.

Due to its popularity, MetaMask has become a target for phishing attacks, hackers, and scammers. In April, ConsenSys reported a data breach that affected nearly 7,000 MetaMask users.

Crypto Market Today

The cryptocurrency market is currently in a retreat, as indicated by data from Invezz.com. Most assets have experienced slight decreases over the past 24 hours. Bitcoin and Ethereum, for instance, have dipped by 0.19% and 0.55% respectively. At present, Bitcoin is trading at $26,895.29, while Ethereum is valued at $1,806.17.

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