MetaMask, a well-known crypto wallet for Ethereum, has announced that it will expand its default security alerts to include users of its web extension and mobile app on multiple blockchains, including Linea, BNB Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche.
This decision comes as MetaMask experiences significant growth in its user base, with the number of monthly active users increasing from 19 million in September 2023 to 30 million in January 2024. This growth can be attributed to the wallet’s partnerships with popular trading platforms like Robinhood.
The security alert feature was initially introduced on the Ethereum mainnet as an extension on January 29, 2024. These alerts notify users during transactions if they are interacting with a known threat. The feature analyzes the transaction, identifies malicious patterns, and warns users if their funds are at risk.
Unlike other Web3 wallets that rely on sharing transaction data with third parties for validation, MetaMask’s security alerts prioritize privacy. This approach ensures that users’ transaction data remains confidential while still providing them with necessary security alerts.
The security alert system was first tested in April 2023 as an opt-in alert for OpenSea, where it successfully protected $500 million worth of assets. Due to its success, MetaMask decided to integrate the security alerts into its own wallet.
MetaMask collaborated with its security partner, Blockaid, to develop this feature. Many users who had the security alerts enabled earlier were able to avoid falling victim to the phishing scam that targeted Vitalik Buterin’s X handle in September 2023. Blockaid’s systems detected the malicious decentralized application (DApp) 24 hours before the hack, helping users save $100,000 worth of assets. The alert system also flagged the moment when Uniswap founder Hayden Adams’ Twitter account was hacked in October.
Bárbara Schorchit, senior product manager at MetaMask, stated that they have received positive feedback from users who have utilized the alert feature. Some users even reported the malicious websites they encountered, allowing MetaMask to add them to their public phishing list and protect others.
In addition to privacy-focused security alerts, MetaMask is also focusing on educating the community to help them identify and avoid scams. They have developed a learning simulation platform that provides comprehensive guidance on various forms of scams.
Overall, MetaMask is committed to enhancing security measures and protecting users’ assets, ensuring that they can safely navigate the volatile crypto market.