In response to the alarming surge in crypto theft and scams in 2023, MetaMask, the industry’s leading self-custody crypto wallet, has joined forces with Blockaid to introduce a groundbreaking enhancement to their wallet experience. This innovation, known as “privacy-preserving security alerts,” is set to revolutionize the way users interact with their MetaMask wallets, enabling them to preemptively detect and prevent malicious transactions.
“This new feature makes MetaMask the first self-custody web3 wallet to integrate native security alerts, proactively preventing malicious transactions, protecting users from scams, phishing, and hacks, all while preserving users’ privacy.”, reads a release.
MetaMask’s commitment to safeguarding its users is evident with this latest development. Desktop users can now opt into this feature within the ‘MetaMask experimental settings,’ and the eagerly anticipated mobile launch is scheduled for November. The ultimate objective is to seamlessly integrate and enable this security feature as the default setting within the wallet by the first quarter of 2024.
This initiative marks a unique and pioneering approach within the crypto industry. While traditional wallet security alerts typically involve transmitting transactional data to third parties, thereby introducing a level of third-party risk, MetaMask’s security alerts take a different path. They simulate the outcomes of a transaction while preserving the user’s privacy throughout the process.
“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. Instead, it should be a guiding principle in the development of solutions to improve the space. As we continue to innovate, we remain committed to empowering users and providing them with the tools they need to navigate the world of web3 with confidence”, said Dan Finlay, Co-Founder of MetaMask and Chief Ethos Officer at Consensys.
MetaMask’s collaboration with Blockaid is a response to a concerning statistic – approximately 10% of the roughly 5,000 daily dApps introduced to the ecosystem exhibit malicious intent. Consequently, “unintended transactions” have become an unfortunate norm, leading to financial losses for MetaMask users. This alarming trend is corroborated by a recent ConsenSys survey, where 47% of respondents cited scams as a significant deterrent to entering the blockchain ecosystem.
Furthermore, the introduction of a similar security feature by MetaMask and Blockaid, aimed at OpenSea, has already prevented a staggering $500 million in theft. This exemplifies the tangible impact of their efforts to fortify the crypto landscape.
“In our commitment to prepare for the broader adoption of web3 by the next billion users, we acknowledge the importance of developing features that prioritize ease of use and accessibility while staying aligned with the core values of web3. This is the driving force behind our focus on creating a privacy-preserving version of security alerts, one that eliminates the need to share each transaction and signature request data with third parties. Blockaid’s dapp transaction validation solution protects users from malicious transactions without compromising their privacy”, added Barbara Schorchit, Senior Product Owner at MetaMask.
The introduction of “privacy-preserving security alerts” is just one facet of MetaMask’s comprehensive push in 2023 to enhance the user experience. Earlier in September, they unveiled the highly anticipated ‘Snaps’ feature, which further underscores their dedication to providing a secure and user-friendly crypto wallet solution.