MetaMask Introduces Enhanced Security Alerts for 30 Million Users Across Major Blockchains

MetaMask, a well-known Ethereum-based self-custody cryptocurrency wallet, has unveiled plans to enhance its security measures by introducing default security alerts for users across different blockchains, including Linea, BNB Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche.

This decision comes amidst a remarkable surge in user numbers for the wallet, which has seen a substantial increase from 19 million monthly active users in September 2023 to 30 million by January 2024. This surge in users has largely been attributed to MetaMask’s strategic partnerships with prominent trading platforms like Robinhood.

The security alert feature was initially introduced on the Ethereum mainnet through an extension on January 29, 2024. These alerts are designed to caution users during transactions if any known threats are detected. By simulating the requested transaction, the system identifies potential malicious patterns and warns users against transactions that may result in fund loss.

Snapshot of security alert system. Source: Metamask

MetaMask emphasises that its security alerts prioritise user privacy, a departure from the common practice among Web3 wallets that share users’ transaction data with third parties for validation in order to provide security alerts.

Originally launched in April 2023 as an experimental opt-in alert feature on OpenSea, these security alerts have proven highly successful, securing assets worth $500 million. Subsequently, MetaMask integrated the feature into its wallet due to its effectiveness.

Developed in collaboration with security partner Blockaid, MetaMask credits the alert system with detecting a malicious decentralised application (DApp) 24 hours before the hacking of Vitalik Buterin’s X handle in September 2023, saving users approximately $100,000 worth of assets. The system also flagged the compromise of Uniswap founder Hayden Adams’ Twitter account in October.

Bárbara Schorchit, MetaMask’s senior product manager, stated that users have reported instances of malicious websites, allowing MetaMask to add them to its public phishing list for enhanced protection. Additionally, the alert feature played a crucial role in safeguarding users’ assets, preventing approximately $1.15 million from being stolen during the Ledger Connect Kit incident in December.

In addition to these privacy-focused security alerts, MetaMask is also focused on educating the community to recognize and avoid scams through a learning simulation platform, which provides comprehensive guidance on identifying various types of scams.