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Today, Consensys-developed MetaMask, the leading self-custody web3 platform, and Blockaid, a prominent web3 security provider, jointly announce the introduction of privacy-preserving security alerts within the MetaMask extension.
This groundbreaking feature positions MetaMask as the very first self-custody web3 wallet to seamlessly integrate native security alerts. These alerts proactively thwart malicious transactions, protecting users from scams, phishing attempts, and hacks while diligently safeguarding user privacy. MetaMask and Blockaid anticipate that this privacy-preserving security feature, now accessible to users worldwide, will prevent the theft of assets valued in the billions.
The official launch is scheduled for October 31, 2023, with desktop users having the option to opt-in through MetaMask’s experimental settings. The feature will soon be available on the MetaMask mobile app in November. By the first quarter of 2024, this innovative addition will be fully incorporated into the wallet by default, ensuring that 100% of MetaMask’s users have access to it.
A Pioneering Approach to Security without Compromising Privacy
Unlike many web3 wallets that rely on sharing user transaction data with external entities to provide security alerts, MetaMask and Blockaid have introduced a groundbreaking privacy-preserving module. This module effectively simulates transactions without the need to disclose every single transaction and signature request to external parties.
Dan Finlay, Co-Founder of MetaMask and Chief Ethos Officer at Consensys, emphasized that this native privacy-preserving security alerts feature sets a new standard for web3 security. Privacy, he noted, is a core value of web3 and should not be sacrificed to enhance usability. Instead, it should serve as a guiding principle in developing solutions to improve the web3 landscape. The goal is to empower users and equip them with the confidence they need to navigate the world of web3 securely.
Blockaid’s Success in Preventing Losses
Blockaid has already demonstrated its effectiveness in preventing theft. For example, when Vitalik Buterin’s X (formerly Twitter) account was compromised to promote a malicious dapp, Blockaid’s proactive scanning identified the threat, preventing over $100,000 in digital assets from being stolen. A similar scam targeting the CEO of Uniswap’s X account was averted entirely, with no losses incurred. Such attacks occur regularly, and the rapid prevention of these losses accumulates significantly.
The web3 ecosystem is highly dynamic, witnessing the emergence of approximately 3-4 new dapps per minute, totaling around 5,000 daily. Blockaid estimates that approximately 10% of these dapps are malicious. Unintended transaction outcomes have been a leading cause of fund loss incidents for MetaMask users. Consequently, security alerts that proactively thwart malicious transactions are pivotal in safeguarding users against scams, phishing attempts, and hacks.
The Importance of User Safety for Broader Adoption
A recent survey commissioned by Consensys highlighted that 52% of Nigerian respondents identified “too many scams” as one of the primary barriers to entering the crypto ecosystem. This underscores the significance of enhancing user safety to promote broader adoption.
Earlier in 2023, MetaMask and Blockaid introduced Opensea security alerts as an experimental opt-in feature. This feature was embraced by an average of 4% of MetaMask users, effectively preventing asset theft totaling $500 million based on the identified and prevented malicious transactions since April 2023.
Based on the success of this experimental feature, MetaMask and Blockaid project that the new privacy-preserving security alerts will prevent the loss of assets valued at billions of dollars when the feature becomes a default setting for MetaMask wallets.
Blockaid CEO Ido Ben-Natan emphasized the need for the ecosystem to prioritize safety as it prepares for billions of users. Collaborating with MetaMask, they are defining how a wallet should defend its users and setting a new standard for web3 security across users and builders.
MetaMask remains committed to preparing for the broader adoption of web3 by the next billion users. One focus is on creating a privacy-preserving version of security alerts that eliminates the need to share transaction and signature request data with third parties. Barbara Schorchit, Senior Product Owner at MetaMask, noted that Blockaid’s dapp transaction validation solution effectively protects users from malicious transactions without compromising their privacy.
In September of this year, MetaMask introduced MetaMask Snaps, tailored for advanced users, with a Transaction Insights category. While the new privacy-preserving security alerts will be seamlessly integrated within MetaMask, users worldwide will continue to have the opportunity to enhance their security by installing transaction insights via MetaMask Snaps. This multi-layered approach is designed to provide users with comprehensive protection.
Emphasizing the Role of Education
While MetaMask and Blockaid’s partnership enhances security, education remains paramount in ensuring that users engage safely in the web3 ecosystem. MetaMask introduced MetaMask Learn in January 2023, offering a learning simulation platform aimed at helping users navigate the complexities of the web3 landscape and self-custody wallets. The platform combines visual learning methods with hands-on testing, providing a comprehensive and engaging approach to understanding web3 concepts. The recently launched module on Security focuses on educating users on how to identify malicious activity and protect their assets.
About MetaMask: MetaMask, developed by Consensys, is the world’s leading self-custody web3 platform with 19 million monthly active users. It serves as the most trusted way for a global user base to mint and collect NFTs, participate in DAOs, play games, and engage with DeFi protocols.
About Consensys: Consensys is the leading blockchain and web3 software company. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through a product suite that includes the MetaMask platform, Infura, Linea, Diligence, and the NFT platform, Consensys collaborates with users, creators, and developers, inspiring them to build and belong in the world they envision.
About Blockaid: Blockaid is a frontrunner in web3 security, established in 2022 by alumni of Israel’s elite Unit 8200 cyber intelligence unit. Blockaid has rapidly become the standard in blockchain protection, offering innovative tools to simulate transactions before execution and safeguard integrated wallets, dApps, and platforms from fraud, phishing, and hacks. The company is headquartered in New York and Tel Aviv and has secured $33 million in funding from prominent venture capital firms in cybersecurity, fintech, and web3.
For more information, visit Blockaid’s website.
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