The growing popularity of Metamask has forced the firm to strengthen its security protocol to safeguard customers’ funds. In a February 20 report, the Metamask team said it would integrate additional security alerts across multiple chains.
The strategic move aims to protect Metamask users from cyber attacks and external threats. Occasionally bad players have been preying self custodial wallets to steal customers’ funds.
Metamask Integrates Additional Security Tools
This compelled the Metamask team to consider integrating Blockaid’s security alerts on the web extension and mobile application. Last month, the Metamask team commenced with the proposed integration of default security alerts on the Ethereum network.
The successful integration of the security alerts on the Ethereum network prompted the Metamask team to add the new feature to other chains, including Polygon, Arbitrum, Avalanche, Linea, Optimism, and BNB Smart Chain. The integration of Blockaid-powered default security alerts will send notifications to Metamask users concerning an impending security threat.
An announcement conveyed by the co-founder of Metamask, Dan Finlay, stated that integrating the security alerts marked a significant milestone for the firm in facilitating secure transactions. Finlay noted that the new security alert feature will support to analyze transactions being processed and identify suspicious patterns on the platform.
The security alert is designed to alert the customers of a suspicious transaction that might lead to huge losses. For years, the Metamask team has invested heavily in enhancing transaction security.
Compared to Web3-oriented wallets, the Metamask has integrated privacy-inspired features that do not require the user to share confidential information with a third party for validation purposes.
Features of Blockaid Security Alert System
The executive envisions that the Blockaid security alerts will boost Metamask user experiences. Currently, the Metamask team has attained a substantial customer base across the globe.
A review of the Metamask website demonstrated that from September last year to January, active users increased from 19 million to 30 million. The impressive growth of the Metamask wallet stemmed from the increase use case by multiple high-profile trading platforms such as Robinhood.
In a subsequent report, the senior product manager at Metamask, Bárbara Schorchit, confirmed that the integration of the security alert feature attracted more customers to the platform.
The executive acknowledged that the integration of Blockaid security tools on Metamask wallet triggered an increase in customer support tickets. Mr Schorchit explained that the new security feature will enable the Metamask team to disclose malicious websites under probe to the public.
He anticipates that the reported suspicious transactions will be included on the Metamask public phishing list. Citing the Ledger Connect Kit hacking incident that occured last December, Schorchit believes that the security alert feature will assist in saving millions.
Strategies for Addressing Crypto Fraud
In the Ledger Connect incident, the hackers compromised over 100 Dapps; only Metamask wallets with security alerts were spared from the attack. In 2023, nearly $1.7 billion was lost in crypto-related scams. This implies that security remains critical in the ongoing crypto adoption campaigns.
The prevalent security breaches affecting the crypto industry forced the affected firms to explore suitable transaction simulation products to combat external threats. In April last year, the OpenSea team invested in integrating a security alert system.
Even though the OpenSea security alert system was still undergoing trials, the company managed to safeguard approximately $500 million from cyber attacks. The successful integration of security alerts on OpenSea challenged other firms to invest in this technology.
Based on diverse security needs, most crypto and fintech firms considered integrating the Blockaid security notification system due to its uniqueness. Since 2022, Blockaid has provided first-class security tools for simulating transactions before initial execution.
These tools have commonly been used to protect wallets and Dapps from external threats such as phishing attacks and hacking incidents.
In October 2023, the Blockaid team yielded $33 million in a series A funding round led by Ribbit in collaboration with Sequoia. The funds will be used to upgrade Blockaid Web3 security tools for combating fraud, hacks, and crypto scams.
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