Metamask and Blockaid Fortify Web3 Security with Security Alerts
Metamask, which is a self-custody wallet developed by Consensys and is one of the world’s most popular Web3 platforms, unites with Blockaid, which is a Web3 security provider.
The collaboration between Metamask and Blockaid aims to integrate security alerts within the Metamask extension in order to enhance the platform’s security features.
The latest initiative from Metamask focuses on enhancing security measures to detect and prevent potentially harmful transactions, safeguarding users against a range of cyber threats like scams, phishing attempts, and hacking incidents.
Metamask and Blockaid collaborations reportedly thwarted a significant security breach, preserving assets worth over $100,000 in an account linked to Vitalik Buterin, the co-founder of Ethereum which is the world’s second most popular cryptocurrency.
The integration of security alerts marks a significant advancement in the ongoing efforts of Metamask and Blockaid to bolster security within the Web3 platform.
Both organizations have introduced a privacy-preserving module that allows for the simulation of transactions without the need for users to expose their data to third parties.
This way, user privacy is upheld while creating a secure digital environment.
Dan Finlay, co-founder of Metamask, said: “By introducing these native privacy-preserving security alerts, Metamask is not only enhancing user safety but also setting a new standard for privacy-focused security in the web3 ecosystem.”
Last April, Blockaid and Metamask rolled out security alerts tailored for Opensea, successfully preventing attempted attacks amounting to $500 million up to this point.
Building on this success, both companies are optimistic that when these security alerts become a default feature in Metamask wallets, they will significantly reduce potential financial losses.
The alert system was introduced following the launch of a new crypto-to-fiat feature by Metamask, which is now available in the U.S., U.K., and European markets. As of Tuesday, desktop users can enable this alert feature within the Metamask experimental settings.
There are plans to introduce this feature to the Metamask mobile app in November 2023.
By the first quarter of 2024, the intention is to fully integrate and enable this feature as the default setting in the wallet, making it more easily accessible to all Metamask users.
Metamasks clarified that most cryptocurrency wallets require users to share transaction data with a third party to provide security alerts, which raised privacy concerns. However, the Metamask-Blockaid solution is able to send security alerts without requiring private details.
Billions of assets could be saved and theft prevented with the integration of security alerts provided by Metamask and Blockaid.
The latest feature from Metamask will be available to desktop users at first. However, it will only be accessible for users on its mobile application in November 2023.
The collaborations between Metamask and Blockaid will hopefully be automatically integrated into all wallets and made available to all users before April 2024.
The announcement of collaborations between Metamask and Blockaid will matter a lot because of the data presented way back in the year 2022. The blockchain analytics firm Chainalysis estimated that over $20 billion worth of cryptocurrency has been stolen from users by hackers.
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