Popular Ethereum-based self-custody cryptocurrency wallet MetaMask recently declared that it would expand its default security alerts to cover users of mobile apps and browser extensions for Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche blockchains.The wallet is seeing rapid user growth as it approaches its peak in 2022, which coincides with the addition of new security measures.From 19 million in September 2023 to 30 million in January 2024, there was a monthly increase in active users.The acceleration of user growth was ascribed to its mainstream collaborations with well-known trading platforms like Robinho.
On January 29, 2024, an extension was used to incorporate the security alert feature for the first time on the Ethereum mainnet.Every time a known threat interacts with a user, security notifications inform them during the transaction.This tool mimics the requested transaction, identifies harmful tendencies, and alerts consumers when a transaction is likely to result in money loss.
Unlike the majority of Web3 wallets, which depend on giving users’ transaction data to a third party for validation in order to generate security alerts, MetaMask asserts that its security alerts are privacy-focused. An experimental opt-in OpenSea alert, the security alert system was initially unveiled in April 2023 and contributed to the safeguarding of $500 million worth of assets.Due to the security alerts’ success, the company decided to include MetaMask wallet in their service.
Many users who had activated the feature beforehand were able to avoid the notorious phishing scam in September 2023 when Vitalik’s X handle was compromised; according to MetaMask, Blockaid’s systems identified the malicious DApp 24 hours ahead of the hack, saving users $100,000 in assets. The feature was developed in collaboration with its security partner, Blockaid.Later in October, when Uniswap founder Hayden Adam’s Twitter account was hacked, the warning system also raised a red light.Senior product manager Barbara Schorchit of MetaMask told Cointelegraph that the company has noticed a minor increase in customer support tickets from people praising the functionality and alerting them to the dangerous website they were on. As a result, “we would also add it to our public phishing list and help protect others.”
Schorchit said that the alert feature also helped users save over a million during the recent Ledger Connect Kit incident in December.
“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 ~$1.15M worth of assets from being stolen.”
In addition to providing security alerts that prioritize privacy, MetaMask is trying to educate the public on how to spot scammers and prevent falling for them.It is a learning simulation tool that offers a thorough way to comprehend the intricacies of different types of frauds.