MetaMask, the leading self-custodial cryptocurrency wallet, has seamlessly integrated Blockaid security alerts into its platform across various blockchain networks. This collaborative effort with security firm Blockaid is geared towards providing users with default protection against malicious transactions.
The feature, which originated on Ethereum in January 2024, is now operational on Ethereum, Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche. Dan Finlay, Co-Founder of MetaMask, emphasized the significance of this move, asserting its role in ensuring MetaMask’s position as a top-tier secure wallet for both novice and seasoned users.
🧐With this feature, you'll know if a transaction is suspicious BEFORE you sign it. Smart, secure, and seamless – that's how we roll. https://t.co/fjcvB204ec
— MetaMask 🦊🫰 (@MetaMask) February 20, 2024
By implementing security alerts as a default setting, MetaMask takes a proactive stance in warning users about potentially risky transactions, aligning with similar security measures adopted by industry peers like Rabby, Wallet Guard, and Scam Sniffer.
This integration comes amidst escalating security concerns within the cryptocurrency realm, with losses totaling $1.7 billion to theft, hacks, or phishing in 2023 alone. Blockaid, founded in 2022 and backed by $33 million in funding from prominent investors such as Ribbit, Variant, and Sequoia, specializes in transaction simulation tools aimed at bolstering wallet and decentralized application (dApp) security against phishing and hacking attempts.
The decision to enhance security measures coincides with MetaMask’s substantial user base growth, witnessing a surge of over 50% in monthly active users from September 2023 to January 2024, surpassing 30 million users. This strategic move underscores MetaMask’s commitment to safeguarding its users amidst an evolving threat landscape within the cryptocurrency ecosystem.
