According to ConsenSys, information gathered in this manner may be disclosed to affiliates, during business deals, or to comply with know your customer and anti-money laundering requirements dictated by law enforcement. MetaMask is currently one of the most popular self-custody wallets on the market, with more than 21 million monthly active users.
The reaction within the crypto community has been mostly negative. For example, Adam Cochran, partner at Cinneamhain Ventures, stated:
“There is nothing more important than consumer privacy, especially when it comes to your financial data – you have a right to be anonymous. Metamask has provided a great free service for a long time, but their decision to log IPs and tie it to transactions is unacceptable.”
At the same time, Hayden Adams, inventor of the Uniswap protocol, responded to inquiries by outlining that the decentralized exchange does not track IP nor allows third-party tools on the platform to do so. ConsenSys has joined the ranks of notable Web 3.0 companies, such as Coinbase, that adopted IP collection partly due to increasingly stringent regulations.