The developer of the MetaMask crypto wallet, ConsenSys, has responded to community criticism by saying that the app does not charge taxes on digital asset transactions.
📢 We are aware of tweets circulating with inaccurate information about ConsenSys’ terms of service.
Let’s clarify one thing upfront: MetaMask does NOT collect taxes on crypto transactions and we have not made any changes to our terms to do so.
This claim is false.
— ConsenSys (@ConsenSys) May 21, 2023
“We are aware of the spread of tweets with inaccurate information about ConsenSys terms of service. Let’s get one thing clear up front: MetaMask does not charge any taxes on cryptocurrency transactions and we have not made any changes to our terms of agreement,” the company said.
Prior to the official appeal, users drew attention to the document, which says that the company has the right to “withhold taxes if necessary.”
🚨 BREAKING 🚨
METAMASK NEW UPDATE IN TERMS AND POLICY WILL WITHHOLD YOUR TAXES. DECENTRALIZATION IS DYING pic.twitter.com/wqpwAd2BQh
— Ash Crypto (@Ashcryptoreal) May 21, 2023
This situation caused a flurry of negativity towards the crypto wallet. Some even questioned the decentralization of the application. However, there were users who hurried to refute the false information.
Everyone blindly tweeting about the MetaMask tax clause in TOS but not actually reading it. The tax section is in their “fees and payment” section, talking about products and paid plans they offer. if you buy a product from them, they can withhold taxes like sales tax for that… pic.twitter.com/0ay9UCJHdh
— moneyprintergobrrr.eth (@printer_brrr) May 21, 2023
“Everyone is blindly tweeting about the MetaMask tax clause in the terms of the agreement, but they don’t actually even read it,” wrote one of the wallet’s defenders.
The developers explained that this paragraph does not apply to operations with digital assets through MetaMask and only affects “ConsenSys products and paid services.”
Legal terminology can be complex, but it’s crucial to emphasize that this section DOES NOT apply to MetaMask or any other products that don’t involve sales tax.
We believe in transparency and accuracy when it comes to sharing information with our users.
— ConsenSys (@ConsenSys) May 21, 2023
“Legal terminology can be tricky, but it’s important to emphasize that this section does not apply to MetaMask or any other products that do not include sales tax. We believe in transparency and accuracy when it comes to sharing information with our users,” the company added.
Recall that in April, MetaMask talked about an unknown exploit that led to the loss of more than $10.5 million among users. According to the investigation, the problem affected all wallets, including hardware wallets or those generated for pre-selling Ethereum.
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