Wallet User in Iran and Venezuela reported problems completing the transaction yesterday. Later, it was reported that they were blocked for "law compliance" reasons.

This is possible because using APIs or gateway services through Infura. Like , Infura is also owned by the developers ConsenSys, after its acquisition in October 2019.

“Infura is a Web3 and infrastructure-as-a-service (IaaS) enabled service provider that offers a wide range of services and tools for developers. . Including the API Infura (Application Programming Interface)”.

As expected, the community protested this and pointed to decentralization as a common theme. Considering what's going on in Russia-Ukraine, some think one of us could be next.

MetaMask very compliant with the law?

Larry Cermak, The Block's Vice President of Research, said if MetaMask is about to block Venezuelan IP addresses, it won't be long before they will block individual IP addresses. As a result, Cermak recommends users to switch to other alternative wallet providers.

“If Metamask/Infura is open and ready to block countries like Venezuela with IP addresses, it is only a matter of time until regulators force them to censor each person's IP address. We need immediate alternatives, hopefully and other platforms don't do this.”

But the latest MetaMask user data shows it has 21 million monthly active users, making it the most popular wallet on the market. As a result, switching to a viable alternative can seem daunting.

Read more  Sam Bankman-Fried officially lost his billionaire status

Magic Internet Money podcast host, Brad Mills, called is the "trojan horse for the tyranny". Mills cites large corporations like JPMorgan behind ConsenSys. He added that only "anti-government".

“Ethereum is a trojan horse for tyranny. Consensys owns Infura & Metamask. JP Morgan, UBS, Mastercard own Consensys. 99% EVM transactions through Consensys. Participating VCs & banks . Only is against the government. Ethereum doesn't even have insider resistance.”

In response to the community backlash, MetaMask said the problem was in the "misconfiguration" of Infura and has now been resolved.

“MetaMask is a client-side wallet, trying to make it accessible to everyone maximally. Infura was misconfigured this morning, but it has been fixed.”

However, this does not account for MetaMask's support message describing service discontinuation for "legal compliance" reasons.


The source: EdnStuff

How's the deal with JPMorgan?

Although JPMorgan CEO Jamie Dimon called Bitcoin was “worthless” just 5 months ago but that hasn’t stopped the company from trying crypto. For example, they create their own payment token JPM Coin although it has not been updated for a while, as well as plans to become the first lending platform in the world. MetaVerse.

Read more  600,000 Bitcoins are in the reserves of Binance

What's more, the New York-based banking giant has also started the path of cooperation with well-known crypto companies.

For example, ConsenSys purchased the Quorum blockchain built by JPMorgan in August 2020 for an undisclosed fee. In April 2021, a consortium, including JPMorgan, invested $65 million in ConsenSys.

But the relationship between ConsenSys and JPMorgan goes deeper than that. A group of 35 ConsenSys shareholders requested a "special audit" of the 2020 deal, in which JPMorgan acquired shares of MetaMask and Infura.

ConsenSys Board has been accused of breaching fiduciary duties by entering into an agreement to the detriment of minority shareholders. As a result, the group is seeking to cancel the agreement.

“The underlying intellectual property and its subsidiaries were illegally transferred from CAG to a new entity, ConsenSys Software Incorporated (CSI).”

With JPMorgan deeply involved in the Ethereum ecosystem, is it time to admit the biggest smart contract blockchain isn't working in our favor?

Join our channel to get the latest investment signals!