Following a successful beta phase, MetaMask, developed by Consensys, and Blockaid, a web3 security provider, today announced the by-default integration of privacy-preserving security alerts for all MetaMask extension and mobile app users.
This ensures that 100% of global users of the world’s self-custodial wallet will automatically receive alerts “about potentially malicious transactions, thereby enhancing the wallet’s overall security.”
These security alerts were “integrated by default on the Ethereum Mainnet via an extension on January 29th, 2024, and are now available for mobile and extension on the following networks: Linea, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche.”
In 2024 alone, MetaMask estimates “that the security alerts will prevent hundreds of millions worth of dollar assets from being stolen.”
Projected over time, the impact of these security alerts “is expected to be monumental. This positions MetaMask ideally for broader adoption, safeguarding users while upholding the core web3 values of privacy and security.”
The integration of major traditional finance players “such as Robinhood with MetaMask, marks a pivotal moment for web3 and signals a shift towards broader mainstream adoption.”
This momentum is further mirrored in “the growing number of MetaMask users, where Monthly Active Users (MAUs) have grown +55% between September 2023 and January 2024, climbing from 19 million 4 months ago to over 30 million.”
This growth nearly matches the peak figures “seen during the bull market in 2022.”
More broadly, web3 has “seen significant signals of mainstream adoption with an increasingly strong regulatory, workforce and technical foundation, and growing regulatory certainty in jurisdictions such as the UK, EU and Hong Kong.”
Despite these positive signals, security in crypto “remains a key barrier to broader adoption. Globally, crypto users had $1.7bln stolen, hacked or phished in 2023, representing a significant barrier and frustration point for further adoption.”
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.”
According to a survey by Morning Consult for Consensys, conducted from October 13 to December 16, 2023, “among 1,500 US crypto owners, 76% of respondents identified security as the primary factor influencing their choice of wallet, underscoring the importance of increasing user safety to broader adoption.”
Dan Finlay, Chief Ethos Officer at Consensys and MetaMask Co-founder, said:
“As we witness the growth of MetaMask and the broader web3 ecosystem, we understand that the foundation of this expansion is user trust and security. The integration of these advanced, privacy-preserving security alerts is a game-changer in protecting our users from the threats of phishing and hacking. By proactively preventing malicious transactions, we’re not just enhancing security, we’re empowering our users to navigate the web3 space with greater confidence. This is a crucial step towards ensuring that MetaMask remains at the forefront of secure, self-custodial crypto wallets for both new and experienced users.”
Most web3 wallets rely on “sharing users’ transaction data with a third party for validation to provide security alerts. In contrast, MetaMask and Blockaid have pioneered a unique privacy-preserving module that effectively simulates transactions while eliminating the need to share every single transaction and signature request with external parties.”
Blockaid’s partnership with MetaMask will have “a substantial impact on bolstering security, but education remains pivotal in ensuring that users engage with the web3 ecosystem in a safe and self-managed manner.”
In January 2023, MetaMask unveiled MetaMask Learn, “a learning simulation platform that offers a comprehensive and engaging approach to understanding the complexities inherent in web3 concepts.”
The recently launched module on Security aims “to specifically educate users on how to identify malicious activity and keep their assets safe.”