MetaMask boosts security with alerts for 30M users on major chains
MetaMask, the popular Ethereum-based self-sustaining crypto wallet, has announced that it will extend its default security alerts for web extension and mobile app users to several blockchains: Linea, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche.
The new security features come amid significant user growth for the wallet, which is set to peak in 2022. Monthly active users grew from 19 million in September 2023 to 30 million in January 2024. The growth of the user is due to the partnership with the majors. Famous business platforms like Robinho
The security alert feature was first integrated on the Ethereum mainnet as an extension on January 29, 2024. The security alerts alert users during transactions when they are dealing with a known threat. The feature simulates the requested transaction, detects malicious patterns and alerts users if a transaction is deemed to result in financial loss.
MetaMask says its security alerts are privacy-focused, unlike most Web3 wallets that rely on sharing users' transaction data with third parties to provide security alerts.
The security alert system was introduced as a trial opt-in by OpenSea in April 2023, helping to secure $500 million worth of assets. The success of the security alerts led the company to expand into the MetaMask wallet.
Related: Scam alert: MetaMask warns users of March 31 airdrop rumors
The feature was developed in collaboration with security partner Blockaid, and many proactive users were able to avoid the infamous phishing scam in September 2023 when Vitalik X's handle was hacked. MetaMask claims that Blockaid's systems detected a malicious DApp 24 hours before the hack and helped users recover $100,000 worth of assets. The alert system tipped off Uniswap founder Hayden Adams when his Twitter account was hacked later in October.
Barbara Schorchit, senior product manager at Metamask, told Cointelegraph that they've seen a slight increase in customer support tickets with users praising the feature and reporting the malicious site, “We'll also add it to our public phishing list and support it. Watch out for others.”
According to Schorchit, the alert feature helped users save more than a million during the recent Ledger Connect Kit event in December:
“Approximately 100 front-end DApps were compromised, but every MetaMask user opted-in to security alerts backed by Blockade, preventing ~$1.15M worth of assets from being stolen.”
In addition to privacy-focused security alerts, MetaMask is also educating the public to recognize and recognize scams so they don't get scammed. It is a learning simulation platform that provides a comprehensive method to understand the complexities of different types of fraud.
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