MetaMask Introduces Security Alerts for 30M Users on Major Chains

MetaMask, a well-known cryptocurrency wallet for Ethereum, has announced that it will expand its security alerts to users of its web extension and mobile app on multiple blockchains. These blockchains include Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche. The decision to introduce these new security features comes as MetaMask experiences significant user growth, with its number of monthly active users increasing from 19 million in September 2023 to 30 million in January 2024. This growth can be attributed to the platform’s partnerships with popular trading platforms like Robinho.

The security alert feature was originally integrated into the Ethereum mainnet through a browser extension on January 29, 2024. These security alerts notify users of potential threats when they make transactions and help identify any malicious patterns. If a transaction is expected to result in a financial loss, users are alerted. MetaMask claims that its security alerts prioritize privacy, unlike other Web3 wallets that rely on sharing transaction data with third parties for validation.

The security alert system was initially introduced in April 2023 as an opt-in feature for the OpenSea platform. It successfully protected $500 million worth of assets, leading MetaMask to extend the feature to its own wallet. The system was developed in partnership with security firm Blockaid and proved its effectiveness when it detected a malicious decentralized application (DApp) 24 hours before the hack that targeted Vitalik’s X handle in September 2023, saving users $100,000 in assets. The alert system also flagged a hacking incident involving Uniswap founder Hayden ADam’s Twitter account in October.

Barbara Schorchit, a senior product manager at MetaMask, revealed that the company has received customer support tickets from users thanking the security alert feature and reporting malicious websites. As a result, the platform adds these websites to a public phishing list to protect other users. Schorchit further stated that the alert feature protected users during the Ledger Connect Kit incident in December, preventing approximately $1.15 million worth of assets from being stolen.

In addition to its privacy-focused security alerts, MetaMask is also focused on educating its users about scams to help them avoid falling victim to fraudulent schemes. The platform offers a learning simulation platform that allows users to understand the complexities of various types of scams.

MetaMask continues to enhance its security measures to ensure the safety of its users’ funds and assets. Its expansion of security alerts to multiple blockchains demonstrates its commitment to protecting users from potential threats and scams.