MetaMask unveils security alerts to avert loss of billions
“Nigeria ranks as the top country globally for monthly active users of MetaMask, based on data from the mobile client over the past 6 months.’
Following a successful beta phase, MetaMask developed by Consensys and Blockaid, a web3 security provider, today, announced by-default integration of privacy-preserving security alerts for all MetaMask extension and mobile app users.
This latest innovation from MetaMask, will ensure that 100% of global users of the world’s leading self-custodial wallet will automatically receive alerts about potentially malicious transactions.
Among the ushers, Nigeria ranks as the top country globally for monthly active users of MetaMask, based on data from the mobile client over the past 6 months.
With the integration of these alerts, the wallet’s overall security is greatly enhanced. 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.
By estimation, MetaMask forecasts that the privacy-preserving security alerts will prevent hundreds of millions worth of dollar assets from being stolen.
The projection, apart from ensuring the protection of MetaMask’s users, underscores the immense impact these security alerts are expected to have on the crypto terrain. The latest layer of security will also position MetaMask for broader adoption and safeguard users while upholding the core web3 values of privacy and security.
According to the Co-founder and CEO of Blockaid, Ido Ben-Natan, he said “Malicious activity has been a real problem for the web3 ecosystem and has threatened to stifle the opportunity of wider mass adoption.
Having worked closely with MetaMask for the launch of the default security alerts, we are really encouraged by the early results and see this as a trailblazing effort to make web3 more secure than ever. We continue on our mission to make web3 accessible and safe for all,” he said.
“The launch of our default security alerts marks a significant milestone in MetaMask’s journey towards making the web3 experience as secure and user-friendly as possible. By collaborating with Blockaid, we’ve managed to integrate a level of security that’s not only effective but also respects the privacy of MetaMask’s users.
“This feature is a testament to our commitment to innovation and user protection. We believe that educating users on security risks and providing them with the tools to protect themselves is essential for the continued growth and mainstream adoption of crypto,” added Barbara Schorchit, Senior Product Manager at MetaMask.
Lending his voice, Chief Ethos Officer at Consensys and MetaMask Co-founder Dan Finlay, 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”
With unyielding focus on protecting users, 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 reflected in the growing number of MetaMask users, with 55% growth experienced in the area of Monthly Active Users (MAUs) between September 2023 and January 2024.
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.
There has seen a surge in the users from 19 million in September 2023 to over 30 million just four months later, with Nigeria ranking as the top country globally for monthly active users of MetaMask, based on data from the mobile client over the past 6 months, which shows a growth pattern that nearly matches peak figures of the bull market in 2022.
Despite these positive signals, security in crypto remains a key barrier to broader adoption as 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. With security alerts that proactively thwart malicious transactions, it is a new era of safeguarding users against scams, phishing, and hacks.
“The launch of our default security alerts marks a significant milestone in MetaMask’s journey towards making the web3 experience as secure and user-friendly as possible. By collaborating with Blockaid, we’ve managed to integrate a level of security that’s not only effective but also respects the privacy of MetaMask’s users.
“This feature is a testament to our commitment to innovation and user protection. We believe that educating users on security risks and providing them with the tools to protect themselves is essential for the continued growth and mainstream adoption of crypto,” added Barbara Schorchit, Senior Product Manager at MetaMask.
