MetaMask and Blockaid Launch Groundbreaking Privacy-Preserving Security Alerts

Together, Blockaid, a well-known web3 security supplier, and MetaMask, the world’s top self-custody web3 platform created by Consensys, have introduced innovative privacy-preserving security alerts inside the MetaMask extension. With the addition of native security warnings, MetaMask becomes the first self-custody web3 wallet, greatly improving user safety and maintaining anonymity. The rollout, which will allow PC users to opt-in starting on October 31, 2023, intends to stop billions of dollars’ worth of asset theft. The mobile app integration is expected for November. The functionality will be turned on by default for all MetaMask users by the first quarter of 2024.

A Paradigm Shift in Web3 Security

The majority of web3 wallets rely on third parties to provide transaction data in order to send security alerts. On the other hand, MetaMask and Blockaid present a novel privacy-preserving module that allows for the simulation of transactions without requiring the sharing of individual transactions and signature requests with external parties. This innovative method, which prioritizes privacy as a fundamental value while improving accessibility, represents a paradigm change in web3 security.

10% of the hundreds of new dapps that emerge every day in the dynamic web3 environment are harmful. Fund loss problems in MetaMask have frequently been caused by unauthorized transactions. Preemptive security notifications are essential for protecting consumers from frauds, phishing, and cyberattacks. Increasing user safety is crucial, as seen by a recent Consensys-commissioned poll that found 47% of participants listed “too many scams” as their top reason for not wanting to join the cryptocurrency ecosystem.

Blockaid has already shown to be a successful deterrent against asset theft. Recent events—such as the account theft of Vitalik Buterin—highlight Blockaid’s proactive screening, which stopped large losses. Because these assaults are common, prompt avoidance is extremely important.

In April 2023, MetaMask launched privacy-preserving security alerts as an experimental opt-in feature that successfully stopped $500 million worth of assets from being lost. The basis for the complete integration of these warnings was established by this achievement. Nevertheless, MetaMask users will still be able to add additional security layers as they see fit using MetaMask Snaps, therefore establishing numerous security levels.