Ethereum blasted as “trojan horse for tyranny” following MetaMask scandal

MetaMask users in Iran and Venezuela reported a problem completing a transaction yesterday. Later, it became clear that the affected users were deliberately blocked for “legal compliance” reasons.

This is possible because MetaMask uses the API or gateway service through Infura. Like MetaMask, Infura is owned by Ethereum developer ConsensSys after its acquisition in October 2019.

“Menfura is Web3 backend and Infrastructure-as-a-Service (IaaS) provider that provides a variety of services and tools for blockchain developers.. It includes the Infura API (Application Programming Interface) suite.“”

As expected, deception against decentralization was a common theme, and the reaction of the community was not clean. And given what’s happening in Russia-Ukraine, some people realize that you and I may come next.

Brutal truth about MetaMask censorship

Brock’s Vice President of Research, Larry Selmac, Said that if MetaMask is ready to block Venezuelan IP addresses, it won’t be long to block individual IP addresses. As a result, Cermak suggested that users move to alternative wallet providers.

“If Metamask/ Infura is open and ready to block countries like Venezuela by IP address. It’s only a matter of time before regulators force you to censor the IP addresses of individual people. There is an immediate need for alternatives, hoping that Alchemy and others will not do this. “

However, according to the latest data on MetaMask users, it has 21 million monthly active users, making it the most popular wallet on the market. As a result, it can be difficult to jump to a viable alternative.

Magic Internet Money Podcast Host, Brad Mills, Ethereum was called “Trojan horse for tyranny”. Mills pointed out that big companies, including JP Morgan, are behind ConsenSys. He added that only Bitcoin is “resisting the government.”

Ethereum is a Trojan horse for tyranny.

Consensys owns Infura & Metamask. JP Morgan, UBS, Mastercard’s unique consensus.

99% of EVM transactions go through Consensys.

DeFi is captured by VCs and banks.

that’s all #bitcoin The government is resistant. Ethereum is not even insider resistant. pic.twitter.com/zohPDtyD0H

— Brad Mills (🔑, 🔑) (@ bradmillscan) March 3, 2022

In response to the repulsion, MetaMask He said the issue was due to Infura’s “misconfiguration” and is now resolved.

MetaMask is a client-side wallet aimed at maximizing the use of blockchain for everyone. Infura had a misconfiguration this morning and is now fixed. https://t.co/CYAhvGunHo

— MetaMask 🦊 💙 (@MetaMask) March 3, 2022

However, this does not explain the MetaMask Support Notice that explains the outage of service due to “legal compliance” reasons.

What is your deal with JPMorgan?

JPMorgan CEO Jamie Dimon called Bitcoin “worthless” just five months ago, but it still hasn’t stopped trying cryptocurrencies. For example, if you create your own payment token with JPM Coin, it hasn’t been updated for some time. There are also plans to become the first lender of MetaVerse.

Headquartered in New York, Mega Bank also covers all locations and is on the road to partnering with established cryptocurrency companies.

For example, ConsenSys purchased the blockchain quorum built by JP Morgan in August 2020 for a private fee. And in April 2021, a consortium including JP Morgan invested $ 65 million in ConsenSys.

However, the relationship between ConsenSys and JP Morgan is deeper than that. A group of 35 ConsenSys shareholders has requested a “special audit” of transactions in 2020. As a result, JP Morgan has acquired shares in MetaMask and Infura.

The board of directors of ConsenSys allegedly violated fiduciary duty by damaging minority shareholders and approving the transaction. As a result, the group is trying to invalidate the agreement.

“Basic intellectual property and subsidiaries have been illegally transferred from CAG to a new entity, ConsenSys Software Incorporated (CSI).”

As JPMorgan is so deeply integrated into the Ethereum ecosystem, is it time to admit that ETH is not being implemented for our benefit?