MetaMask, a popular self-custody crypto wallet built on the Ethereum blockchain, has announced the expansion of its default security alerts to users of its web extension and mobile app. These security features will now cover multiple blockchains including Linea, BNB Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche.
The decision to enhance security measures comes as MetaMask experiences significant user growth, with the wallet nearing its peak in 2022. Monthly active users have increased from 19 million in September 2023 to 30 million in January 2024. This surge in user adoption has been attributed to MetaMask’s partnerships with mainstream trading platforms like Robinhood.
The security alert feature was initially incorporated into the Ethereum mainnet extension on January 29, 2024. These alerts serve to warn users about potential threats at the time of a transaction. By simulating the transaction and identifying malicious patterns, MetaMask is able to alert users if a transaction is likely to result in a loss of funds.
MetaMask prides itself on offering privacy-focused security alerts, unlike many other Web3 wallets that rely on sharing transaction data with third parties for validation. The security alert system was initially introduced in April 2023 as an experimental opt-in feature on OpenSea, which successfully secured $500 million worth of assets. Following this success, MetaMask decided to integrate the security alerts into its own wallet.
The development of the security alert system was a collaborative effort with MetaMask’s security partner, Blockaid. Users who had the alerts enabled were able to avoid falling victim to a phishing scam in September 2023 when Vitalik Buterin’s X handle was hacked. Blockaid’s systems detected the malicious decentralized application (DApp) 24 hours prior to the hack, ultimately saving users $100,000 worth of assets. The alert system also flagged the moment when Uniswap founder Hayden Adams’ Twitter account was hacked in October.
Bárbara Schorchit, senior product manager at MetaMask, revealed that the team has noticed an increase in customer support tickets from users expressing gratitude for the feature and reporting malicious websites. In response, MetaMask adds these websites to its public phishing list to protect other users. Schorchit also mentioned that the alert feature helped users save over $1 million during the recent Ledger Connect Kit incident in December.
In addition to privacy-focused security alerts, MetaMask is actively working on educating its community to help them identify and avoid scams. The platform offers a learning simulation feature that provides users with a comprehensive understanding of various scam techniques.
As the crypto market remains volatile, MetaMask aims to empower its users with the knowledge and tools necessary to protect their digital assets.