The Web3 wallet provider MetaMask became one of the first self-custody Web3 wallets with integrated security alerts when it collaborated with security startup Blockaid to introduce native security alerts within their browser extension.
November 2023 will see the formal rollout of the functionality, which desktop users may select via MetaMask’s experimental settings. The new functionality is expected to be implemented and activated by default into the wallet by the first quarter of 2024, with intentions to make it accessible to all MetaMask users.
Together, MetaMask and Blockaid released Opensea security alerts as an opt-in experimental feature in April 2023.
MetaMask’s functionality aims to stop fraudulent transactions and shield consumers from phishing schemes, hacking attempts, and frauds before they happen, all without compromising user privacy. These privacy-focused security warnings, according to both firms, would prevent cryptocurrency assets from being stolen.
A privacy-preserving offline (PPOM) module was created by the two businesses to simulate transactions and do away with the requirement to exchange data with other parties.
With a Transaction Insights category, MetaMask introduced Snaps for sophisticated users in September 2023. Installing transaction insights will allow users to implement the security levels that they choose.
With over 20 million active users each month, MetaMask is the most widely used cryptocurrency wallet. Blockaid is a newly established security business that has raised $33 million in capital.
Blockaid prevented the loss of over $100,000 in assets by alerting authorities to the breach of Ethereum co-founder Vitalik Buterin’s X account. The company also ensured that the CEO of Uniswap’s X account was shielded from potential losses.
