Metamask, the self-custody Web3 platform, has joined forces with Blockaid, a Web3 security provider, to introduce security alerts. This collaboration enhances Metamask’s security, protecting users from cyber threats and potential financial losses.
In a significant development, Metamask, the self-custody Web3 platform developed by Consensys, has teamed up with Blockaid, a Web3 security provider, to integrate security alerts into the Metamask extension. This strategic partnership aims to fortify the platform’s security features, specifically in detecting and preventing malicious transactions, safeguarding against scams, phishing attempts, and hacking.
The collaboration between Metamask and Blockaid recently thwarted a significant security breach, protecting assets valued at over $100,000 from a targeted hack on an account linked to Ethereum co-founder Vitalik Buterin.
The introduction of these security alerts is part of ongoing efforts to enhance Web3 platform security. Both entities have introduced a privacy-preserving module that allows transaction simulations without disclosing user data to third parties, prioritizing user confidentiality and a secure digital environment.
The security alerts have already proven their effectiveness with Opensea, preventing attempted attacks totaling $500 million. It’s anticipated that these alerts, when made a default feature in Metamask wallets, will further reduce potential financial losses.
The alert system is currently available for desktop users and will expand to the Metamask mobile app in November 2023. By Q1 2024, it is set to be a default feature, accessible to all Metamask users.