Consensy’s leading self-custody Web3 platform, MetaMask, has joined forces with the pioneering blockchain-centric security firm Blockaid to roll out privacy-preserving security alerts within the MetaMask extension today.
Quick Takes:
- MetaMask, in collaboration with Blockaid, unveils privacy-preserving security alerts to protect billions in assets.
- The main aim of this partnership is to safeguard 100% of users against scams, hacks, and phishing attacks.
- Today, MetaMask’s security alerts become available to desktop users as an opt-in service before expanding to mobile in November.
According to MetaMask, approximately 3 – 4 new dApps emerge every minute in the Web3 landscape — 10% of which are deemed malicious.
By incorporating native security alerts, MetaMask can actively protect users against phishing attempts, hacks, and scams by actively thwarting malicious transactions.
Desktop users will shortly have the option to opt-in for this co-created security measurement service under MetaMask’s ‘Experimental Setting’. However, this feature won’t be accessible for mobile apps until sometime in November.
By the first quarter of 2024, users can anticipate seamlessly accessing this feature embedded in MetaMask’s default setting, safeguarding all users across the globe hassle-free.
Innovating Web3 Transactions While Valuing Privacy
Setting itself apart from Web3 wallets that solely rely on sharing transaction data with third parties, MetaMask and Blockaid’s exclusive privacy-preserving module eliminates the need to share transactions and signature requests with outside parties.
“With these native privacy-preserving security alerts, MetaMask is not only enhancing user safety but also setting a new standard for privacy-preserving security in the web3 ecosystem. Privacy is a core value of Web3 and should not need to be sacrificed to improve usability.”
MetaMask’s Co-Founder, Dan Finlay
Must Read: ‘ConsenSys Exec on MetaMask Security: Consent is King‘
Notably, Blockaid has an impressive track record of blocking theft. One of its high-profile cases involves Vitalik Buterin’s X account being hacked — the Web3 security titan skillfully shielded more than $100,000 worth of assets from being stolen from followers of the Ethereum co-founder and the ETH tech titan himself.
MetaMask and Blockaid’s Ongoing Alliance
MetaMask and Blockaid first joined forces in April 2023, unveiling OpenSea security alerts as a test-phase feature. Since debuting, this system has been adopted by approximately 4% of MetaMask users, actively preventing asset theft valued at around a mighty $500 million.
Following the experiment’s success, MetaMask and Blockaid estimate its new privacy-preserving security alerts to safeguard blockchain-based assets worth billions once becoming the default setting for MetaMask wallets.
“For the ecosystem to be ready for billions of users, it needs to be safer. We’re excited to be working with MetaMask on leading the charge in defining how a wallet should defend its users. Together, we are setting the standard for Web3 security across users and builders in the space.”
Blockaid’s CEO, Ben-Natan
MetaMask’s tactful partnership with Blockaid presents a significant milestone in bolstering much-needed security and privacy within the Web3 world.
Yet to have a MetaMask wallet? Learn how to create your very own here.
