MetaMask Partners with Blockaid to Launch Malicious Security Alerts Feature for Ethereum

Published: November 02, 2023 at 10:16 am Updated: November 02, 2023 at 10:16 am

Edited and fact-checked:
November 02, 2023 at 10:16 am

In Brief

MetaMask collaborates with Blockaid to launch privacy-focused security alerts, safeguarding users against harmful dapps.

MetaMask, in a trailblazing partnership with Blockaid, has rolled out a unique security feature aiming to guard users against malicious dapps without compromising privacy.

In the evolving web3 domain, seamlessly integrating security and privacy has always posed a challenge. Historically, to validate security alerts, users’ data often needed to be shared with third parties. Bucking this trend, MetaMask now offers users the autonomy to opt for both security and privacy in alerts.

This pioneering feature, presently available only on the Ethereum Mainnet, allows transactions to be simulated before finalizing, thus issuing warnings about potential scams. Users interested in this feature can easily activate it via the “Experimental” tab in their settings.

Hello fam! We’re thrilled to announce that we’re the 1st wallet to enable privacy-preserving security alerts w/ @blockaid_

Our latest feature simulates transactions & signatures directly in your wallet to alert you about malicious requests before you https://t.co/e1B2GMNe13

— MetaMask (@MetaMask) November 2, 2023

Blockaid’s system proved its efficiency last month by detecting a malicious dapp a whole day before a related tweet was made from a hacked account of Ethereum’s founder, Vitalik Buterin. The quick detection shielded users, preventing a theft of assets worth over $100k. Another security win came when a similar breach occurred on Uniswap founder Hayden Adam’s Twitter.

Given the recent phishing and scams—with Blockaid estimating a startling 1 in 10 dapps to be malevolent—it’s clear that such threats, unfortunately, aren’t going away.

A disturbing trend has surfaced where unintended transaction outcomes lead to considerable fund losses within MetaMask. Users inadvertently approve transactions that might transfer all their funds or sell valuable assets unintentionally.

In light of this, earlier in April 2023, an experimental alert was introduced for Opensea, successfully safeguarding assets worth $500M. With the encouraging results from this trial, the latest collaboration between MetaMask and Blockaid is poised to protect billions in assets.

A Holistic Approach to Security

MetaMask adopts a multi-faceted strategy for defense. Last month’s remarkable launch of MetaMask Snaps introduced a suite of community-crafted features geared towards offering transaction insights. These not only enhance MetaMask’s functionality but fortify its security provisions.

Efforts are underway to broaden the scope of the MetaMask Phishing Detect list. This proactive list aims to flag harmful dapps before users connect their wallets. To combat scams, MetaMask emphasizes the power of education, offering resources like the MetaMask Learn platform, which features enlightening modules on security.

MetaMask continues its endeavors to redefine security approaches in the web3 sphere in collaboration with its partners. With its unwavering commitment to safeguarding users, the platform remains dedicated to its foundational principles: decentralization, privacy, and security.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti