In a recent development, Metamask, a self-custody Web3 platform developed by Consensys, has partnered with Blockaid, a Web3 security provider. The collaboration aims to integrate security alerts within the Metamask extension in order to enhance the platform’s security features.
Metamask and Blockaid Collaborate for Web3 Security
The latest Metamask initiative focuses on detecting and stopping malicious transactions, offering protection against various cyber threats such as scams, phishing attempts, and hacking. The collaboration between Metamask and Blockaid has reportedly prevented a significant security breach, protecting over $100,000 in assets from a targeted hack on an account associated with Ethereum co-founder Vitalik Buterin.
The security alerts represent a new development in the ongoing efforts of Metamask and Blockaid to improve Web3 platform security. The two entities have implemented a privacy-preserving module to simulate transactions without requiring users to disclose their data to third parties, aiming to maintain user confidentiality and foster a secure digital environment.
“With these native privacy-preserving security alerts, Metamask is not only enhancing user safety but also setting a new standard for privacy-preserving security in the web3 ecosystem,” Metamask co-founder Dan Finlay stated.
In April, Blockaid and Metamask introduced security alerts tailored for Opensea, successfully preventing attempted attacks totaling $500 million to this point. With this achievement, both companies are hopeful that the upcoming security alerts, when set as a default feature in Metamask wallets, will similarly contribute significantly to reducing potential financial losses.
The alert system was introduced following Metamask’s rollout of a new crypto-to-fiat feature, now available in the U.S., U.K., and European markets. Starting Tuesday, desktop users were given the option to enable the alert feature in the Metamask experimental settings.
Plans are in place to introduce the feature on the Metamask mobile app later in November 2023. By the first quarter of 2024, the feature is expected to be integrated and enabled in the wallet by default, with the intention of making it accessible to all of Metamask’s users.
What do you think about Metamask’s and Blockaid’s alert initiative? Share your thoughts and opinions about this subject in the comments section below.