MetaMask, a self-custody cryptocurrency wallet, is taking steps to improve security for its users.
The wallet service provider is extending its security alerts to mobile app and web extension users across different blockchains.
MetaMask Expands Security Services Across Major Blockchains
The wallet noted that users on chains such as Avalanche, BNB Smart Chain, Polygon, Linea, Optimism, and Arbitrum can now access its security alerts. MetaMask integrated its security alert feature on January 29, 2024, on the Ethereum mainnet through an extension.
The feature simply notifies users during transaction times when they interact with a verified threat. It simulates a requested transaction and identifies fraudulent tendencies. The feature then alerts users to the fraudulent transaction.
🔐Privacy-focused MetaMask Security Alerts from @blockaid_, initially added in October, are now default for all Extension users and coming to Mobile under "Experimental". Be sure to opt-in on Mobile!
Our commitment to keeping your assets secure just got stronger🧵 👇 pic.twitter.com/5n9WoCke3V
— MetaMask 🦊🫰 (@MetaMask) February 20, 2024
Interestingly, MetaMask claims to uphold its commitment to privacy with its security alerts. This means the security alerts do not depend on exchanging users’ transaction data with a third party for validation.
How effective is this feature?
MetaMask created the security feature in partnership with Blockaid, its security partner. The team tested the effectiveness of the system in September 2023 during the infamous phishing scam in which Vitalik Buterin’s X account was hijacked. Users who had activated the feature beforehand were able to avoid falling for the hoax.
The alert system also proved useful last October, when Uniswap founder Hayden Adams’ Twitter account was hacked. The warning system was essential in identifying the security issue.
Bárbara Schorchit, senior product manager at MetaMask, noted that there’s been an increase in users expressing satisfaction with the feature. This encouraged the team to add it to their “public phishing list and help protect others.”
Interestingly, Schorchit claimed the security feature prevented the loss of over $1 million during the Ledger Connect Kit event in December. She said, “Nearly 100 front-end DApps were compromised, yet every MetaMask user who opted into the security alerts powered by Blockaid were protected, preventing what we estimate to be ~$1.15 million worth of assets from being stolen.”
Schorchit added that “MetaMask estimates that the privacy-preserving security alerts will prevent the theft of hundreds of millions of dollars in assets.” She concluded that “the heightened security positions MetaMask for broader adoption while upholding core Web3 values of privacy and security.”
🧐With this feature, you'll know if a transaction is suspicious BEFORE you sign it. Smart, secure, and seamless – that's how we roll. https://t.co/fjcvB204ec
— MetaMask 🦊🫰 (@MetaMask) February 20, 2024
In addition to providing security alerts, MetaMask is focusing on educating its community on how to spot scammers and avoid falling prey. Interestingly, recent statistics show a significant increase in the wallet’s users.
MetaMask’s monthly active users surged from 19 million in September 2023 to 30 million in January 2024. It’s safe to say that MetaMask’s recent partnership with other platforms like Robinhood contributed to this growth.
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