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Are there any security risks with signing onto a site with Metamask? Is there any way for them to drain your wallet without prompting you?

If not, then it seems to be a superior method and experience. You don't have to deal with usernames/email/password, and it offers more functionality with currency.

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There have already been many many scams perpetrated by things CLAIMING to be MM/OpenSea

When you sign in with web3 you are signing a message with your private key, and the website is verifying the it was in fact you that signed the message by checking the messages signature with your public key.

The only way anyone can gain control of your wallet is if you give them your private key (or the seed to the privk) or if your PC is compromised (but you have bigger issues then)

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