MetaMask, a well-known cryptocurrency wallet built on the Ethereum blockchain, has announced that it will be expanding its default security alerts to include users of its web extension and mobile app across multiple blockchains. These blockchains include Linea, BNB Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche.
The decision to introduce these new security features comes at a time when MetaMask is experiencing 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 has been fueled, in part, by MetaMask’s partnerships with popular trading platforms like Robinhood.
The security alert feature was initially launched on the Ethereum mainnet through an extension on January 29, 2024. This feature provides users with warnings at the time of a transaction if they are interacting with a known threat. By simulating the transaction and identifying malicious patterns, MetaMask can alert users if a transaction is likely to result in a loss of funds.
One notable aspect of MetaMask’s security alerts is their privacy-focused nature. Unlike many other Web3 wallets, MetaMask does not rely on sharing users’ transaction data with a third party for validation in order to provide security alerts.
The security alert system was first introduced in April 2023 as an experimental opt-in alert for the popular decentralized marketplace, OpenSea. This initial implementation helped protect assets worth $500 million. Building on this success, MetaMask decided to integrate the security alerts into its own wallet.
MetaMask collaborated with its security partner, Blockaid, to develop these security features. Users who had the alert system enabled were able to avoid falling victim to a phishing scam in September 2023, when the Twitter account of Vitalik Buterin, the founder of Ethereum, was hacked. Blockaid’s systems detected the malicious decentralized application (DApp) 24 hours before the hack, allowing users to save assets worth $100,000. The alert system also raised a flag when the Twitter account of Hayden Adams, the founder of Uniswap, was hacked in October.
Bárbara Schorchit, the senior product manager at MetaMask, shared that they have seen an increase in customer support tickets from users who have been grateful for the security alerts. Users have reported the malicious websites they encountered, allowing MetaMask to add them to their public phishing list and protect others from falling victim to similar scams.
The alert feature has also proven to be valuable in protecting users’ assets during incidents like the Ledger Connect Kit incident in December, saving them over $1 million.
In addition to the privacy-focused security alerts, MetaMask is also focused on educating its community to help them identify and detect scams in order to avoid being deceived. They have developed a learning simulation platform that provides users with a comprehensive understanding of various types of scams.
Overall, MetaMask’s expansion of its default security alerts to multiple blockchains and its commitment to privacy and user education reflect its dedication to providing a secure and user-friendly cryptocurrency wallet experience.