TL;DR
- MetaMask Integrates Blockaid-Powered Security Alerts: MetaMask, a widely used crypto wallet app, has integrated Blockaid-powered security alerts across multiple chains. This feature is now available by default for both extension and mobile app users.
- Enhanced Security Measures to Prevent Asset Theft: The integration aims to automatically alert users about potentially malicious transactions. MetaMask estimates that these security alerts will prevent hundreds of millions of dollars in assets from being stolen in 2024.
- Rapid Growth Amidst Increased Security: MetaMask’s monthly active users have grown more than 50% between September 2023 and January 2024, climbing from 19 million to over 30 million.
Crypto wallet app MetaMask has taken a significant step towards enhancing user security by integrating Blockaid-powered security alerts across multiple chains. This integration is now available by default for both extension and mobile app users.
🔐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
The security alerts, which were initially integrated by default on Ethereum (via extension) in January 2024, are now available for mobile and extension on networks including Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche.
This development is reflective of the existing security measures and transaction simulation features found in digital wallets such as Rabby, as well as in browser extensions like Wallet Guard and Scam Sniffer, among others. These tools are designed to enhance the security and functionality of online transactions.
The purpose of this integration is to provide automatic alerts to users of the self-custodial wallet about potential malicious transactions. According to estimates by MetaMask, these security alerts are projected to prevent the theft of assets worth hundreds of millions of dollars in 2024. This is a significant step towards enhancing the security of digital transactions.
“This is a crucial step towards ensuring that MetaMask remains at the forefront of secure, self-custodial crypto wallets for both new and experienced users,” said MetaMask cofounder Dan Finlay.
MetaMask and Blockaid: A Partnership for Safer Transactions
The security of cryptocurrency transactions continues to be a significant hurdle to its wider acceptance. In 2023, cryptocurrency users worldwide lost $1.7 billion due to theft, hacking, and phishing incidents. MetaMask is planning to use Blockaid alerts to address these security issues.
Blockaid, established in 2022, provides a range of tools that simulate transactions before their execution, protecting integrated wallets and decentralized applications (dApps) such as MetaMask, OpenSea, Zerion, and Rainbow from phishing and hacking incidents. In the previous year, the company raised $33 million from investors including Ribbit, Variant, and Sequoia.
MetaMask is the most popular cryptocurrency wallet application. The number of its monthly active users has increased by more than 50% between September 2023 and January 2024, rising from 19 million to over 30 million in just four months.
The incorporation of Blockaid’s security alerts is a crucial step in expanding comprehensive security measures across various blockchain networks, setting a new standard for safer transaction experiences.
