[NEWS] MetaMask adds new security alert feature

ConsenSys, a fintech company that uses blockchain technology, announced on the 31st of last month that it has updated Metamask, a cryptocurrency wallet that it develops and operates, to add a privacy-protecting security alert to prevent theft.

Developed in collaboration with Web 3.0 security provider Blockaid, the security alert is available to all Metamask users and is a feature implemented with the aim of preventing malicious transactions before they occur and preventing the theft of billions of dollars worth of assets from fraud and other damage.

Desktop users can opt in in an experimental setting, and it will be available on mobile apps in late November. Ultimately, the new feature is expected to be available by default by the first quarter of 2024.

Most Web 3.0 wallets share users' transaction data with third parties when verifying the provision of security alerts.

However, the security alert developed by Metamask and Blockaid can simulate transactions in advance while eliminating the need to share data with third parties, thereby protecting user privacy.

It is said that about 3-4 dApps (decentralized applications) are appearing every minute in the Web 3.0 space, which translates to about 5,000 dApps appearing per day. Unfortunately, about 10% of these dApps are considered malicious.

In a survey by ConsenSys, a whopping 47% cited the high number of scams as a barrier to entering the cryptocurrency ecosystem.

Dan Finlay, co-founder of MetaMask and CEO of ConsenSys, said, "Privacy-preserving Security Alert sets a new standard for privacy-preserving security in the Web 3.0 ecosystem."

Reference:Announcement
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