Moving Towards a Secured Web3: MetaMask Adds Privacy-Preserving Security Alerts This feature will make MetaMask the first self-custody web3 wallet to integrate native security alerts and will be made live on the MetaMask mobile app in November-end
By Paromita Gupta •
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Web3, a transparent and decentralized ecosystem, is in the making. However, it does have its fair share of roadblocks in the form of scams, phishing, and hacks. cryptocurrency is also being used to cypher money for funding illegal activities in the Hamas-Israel war. In fact, the ecosystem lost USD 3.9 billion to crypto fraud in 2022.
Amid this, MetaMask, a self-custody web3 platform developed by Consensys, and Blockaid, a leading Israel-based web3 security provider, announced the launch of its privacy-preserving security alerts in the MetaMask extension.
"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, MetaMask and Chief Ethos Officer, Consensys.
This feature will make MetaMask the first self-custody web3 wallet to integrate native security alerts and will be made live on the MetaMask mobile app in November-end.
According to the start-up, majority of Web3 wallets bank on users' transaction data for sharing it with a third party for validation to provide security alerts, but MetaMask and Blockaid through this feature will allow for simulating "transactions while eliminating the need to share every single transaction and signature request with external parties."
About 3-4 new dapps are emerging every minute, translating to around 5,000 per day. Blockaid estimates that about 10 per cent of these dapps are malicious, "Unintended transaction outcomes have ranked among the most common causes of fund loss incidents within MetaMask. Security alerts that proactively thwart malicious transactions are pivotal in safeguarding users against scams, phishing, and hacks."
"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," said Ido Ben-Natan, Co-founder and CEO, Blockaid.
India is now the second most important country for MetaMask in terms of worldwide users. Back in September, MetaMask announced MetaMask Snaps for advanced users, with a Transaction Insights category.
