MetaMask and OpenSea prepare to block customers from certain countries
Users reported problems accessing the non-custodial MetaMask wallet and the NFT OpenSea marketplace. In particular, it is not possible to use products coming from IP addresses in Iran, Lebanon, and Venezuela.
Why is it so important?
- The restriction could force people and assets to leave products
- This reduces the security and availability of such digital products
As reported on the Metamask website, that access restriction was caused by a bug. However, in the future, they may close access to users from certain countries so as to comply with local legislation. Even though the statement did not specify any countries, it was likely to be Russia. Earlier, we reported that mining pools started kicking Russian miners out. However, MetaMask is currently available in Russia.
Users have also reported blockages by the OpenSea Marketplace. As the company explained to The Block, they are blocking users and countries that are on the US sanctions list. Currently, it includes Iran and North Korea.
Cryptocurrency wallet
A cryptocurrency wallet is a way of storing digital information that allows you to access cryptocurrency in a particular blockchain. Each wallet has two types of keys: public and private. A public key is visible to everyone and is used to send digital coins to you. A private key allows access to funds and is used to send money anywhere.
Cryptocurrencies are divided into two types:
Custodial is when the personal keys and their backup are not kept by you but by the developer with whom you opened the wallet. It can be compared to opening a bank account at a certain bank: you can regain access to your money if you lose your password. But hackers can break into the bank system and access your money.
Non-custodial is when you keep personal keys. Hackers must personally hack into your computer or cell phone to steal the money in such a case. But if you lose or forget the key, access to the funds will be lost forever.
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