MetaMask Launches Real-Time Security Alerts on Major Chains
Self-custody crypto wallet MetaMask announced today it would extend default security alerts to web extension and mobile app users across multiple blockchains.
In an X post, the Ethereum-based wallet said in addition to Ethereum, its MetaMask Security Alerts would now be available on Linea, BNB Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche.
🔐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
MetaMask Security Alerts
MetaMask Security Alerts proactively notifies users during transactions when they interact with a recognized threat. MetaMask Security Alerts simulates the requested transaction, identifies potential malicious patterns, and provides warnings to users if the transaction is anticipated to lead to a loss of funds.
Developed in collaboration with its security partner Blockaid, the feature’s effectiveness was demonstrated during the notorious phishing scam in September 2023 when Vitalik Buterin’s X handle was compromised, as users who had enabled the feature earlier were able to steer clear of the scam.
According to MetaMask, Blockaid’s systems identified the malicious decentralized application a full 24 hours before the hack occurred, resulting in users saving $100,000 worth of assets. The alert system also played a crucial role in signaling the security breach when Uniswap founder Hayden Adams’ Twitter account was hacked later in October.
Senior Product Manager at Metamask Bárbara Schorchit told Cointelegraph that the alert feature played an important role in helping users save over $1 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 ~$1.15 million worth of assets from being stolen,” Schorchit said.
Crypto Wallet Sees Surge in User Numbers
The introduction of the new security features coincides with substantial user growth for the wallet, approaching its peak in 2022. Monthly active users surged from 19 million in September 2023 to 30 million in January 2024.
Two weeks ago, MetaMask announced a partnership with popular trading platform Robinhood, according to MetaMask developer Consensys.
The collaboration will allow MetaMask users to buy digital assets with Robinhood’s order flow. Simultaneously, Robinhood account holders can fund and transfer their crypto assets to their MetaMask wallet.
