- Globally, crypto users had $1.7bln stolen, hacked or phished in 2023, representing a significant barrier and frustration point for further adoption.
- This increased security layer will mitigate a major deterrent for new crypto users, fostering a new level of crypto adoption.
- From September 2023 until January 2024, MetaMask’s Monthly Active Users surged by +55%, signifying a crucial phase for web3.
- These security alerts were integrated by default on the Ethereum Mainnet via an extension last January 29th, 2024, and are now available for mobile and extension on the following networks: Linea, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche.
- In 2024, MetaMask estimates that the privacy-preserving security alerts will prevent hundreds of millions worth of assets from being stolen.
- Nigeria ranks among the top 3 countries globally for monthly active users of MetaMask.
Lagos, Nigeria, February 20th, 2024 — Following a successful beta phase, MetaMask, developed by Consensys, and Blockaid, a web3 security provider, today announced the by-default integration of privacy-preserving security alerts for all MetaMask extension and mobile app users. This ensures that 100% of global users of the world’s leading self-custodial wallet will automatically receive alerts about potentially malicious transactions, thereby enhancing the wallet’s overall security. These security alerts were integrated by default on the Ethereum Mainnet via an extension on January 29th, 2024, and are now available for mobile and extension on the following networks: Linea, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche. In 2024 alone, MetaMask estimates that the privacy-preserving security alerts will prevent hundreds of millions worth of dollar assets from being stolen. Projected over time, the impact of these security alerts is expected to be monumental. This positions MetaMask ideally for broader adoption, safeguarding users while upholding the core web3 values of privacy and security.
On the brink of mainstream: protecting users more important than ever
The integration of major traditional finance players such as Robinhood with MetaMask, marks a pivotal moment for web3 and signals a shift towards broader mainstream adoption. This momentum is further mirrored in the growing number of MetaMask users, where Monthly Active Users (MAUs) have grown +55% between September 2023 and January 2024, climbing from 19 million 4 months ago to over 30 million. This growth nearly matches the peak figures seen during the bull market in 2022.
More broadly, web3 has seen significant signals of mainstream adoption with an increasingly strong regulatory, workforce and technical foundation, and growing regulatory certainty in jurisdictions such as the UK, EU and Hong Kong.
Despite these positive signals, security in crypto remains a key barrier to broader adoption. Globally, crypto users had $1.7bln stolen, hacked or phished in 2023, representing a significant barrier and frustration point for further adoption. Unintended transaction outcomes have ranked among the most common causes of fund loss incidents within MetaMask. Security alerts that proactively thwart malicious transactions are pivotal in safeguarding users against scams, phishing, and hacks. According to a survey by Morning Consult for Consensys, conducted from October 13 to December 16, 2023, among 1,500 US crypto owners, 76% of respondents identified security as the primary factor influencing their choice of wallet, underscoring the importance of increasing user safety to broader adoption.
“As we witness the growth of MetaMask and the broader web3 ecosystem, we understand that the foundation of this expansion is user trust and security. The integration of these advanced, privacy-preserving security alerts is a game-changer in protecting our users from the threats of phishing and hacking. By proactively preventing malicious transactions, we’re not just enhancing security, we’re empowering our users to navigate the web3 space with greater confidence. This is a crucial step towards ensuring that MetaMask remains at the forefront of secure, self-custodial crypto wallets for both new and experienced users”, said Dan Finlay, Chief Ethos Officer at Consensys and MetaMask Co-founder.
The First Wallet To Enhance Security Without Compromising On Privacy
Most web3 wallets rely on sharing users’ transaction data with a third party for validation to provide security alerts. In contrast, MetaMask and Blockaid have pioneered a unique privacy-preserving module that effectively simulates transactions while eliminating the need to share every single transaction and signature request with external parties.
“Malicious activity has been a real problem for the web3 ecosystem and has threatened to stifle the opportunity of wider mass adoption. Having worked closely with MetaMask for the launch of the default security alerts, we are really encouraged by the early results and see this as a trailblazing effort to make web3 more secure than ever. We continue on our mission to make web3 accessible and safe for all.” said Ido Ben-Natan, Co-founder and CEO of Blockaid.
“The launch of our default security alerts marks a significant milestone in MetaMask’s journey towards making the web3 experience as secure and user-friendly as possible. By collaborating with Blockaid, we’ve managed to integrate a level of security that’s not only effective but also respects the privacy of MetaMask’s users. This feature is a testament to our commitment to innovation and user protection. We believe that educating users on security risks and providing them with the tools to protect themselves is essential for the continued growth and mainstream adoption of crypto,” added Barbara Schorchit, Senior Product Manager at MetaMask.
Education remains key
Blockaid’s partnership with MetaMask will have a substantial impact on bolstering security, but education remains pivotal in ensuring that users engage with the web3 ecosystem in a safe and self-managed manner. In January 2023, MetaMask unveiled MetaMask Learn, a learning simulation platform that offers a comprehensive and engaging approach to understanding the complexities inherent in web3 concepts. The recently launched module on Security aims to specifically educate users on how to identify malicious activity and keep their assets safe.
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About MetaMask
MetaMask is the world’s leading self-custody web3 platform with 30 Million Monthly Active Users. Developed by Consensys, MetaMask is the most beloved and trusted way a global user base relies on to mint and collect NFTs, join DAOs, play games and participate in DeFi protocols.
About Consensys
Consensys is the leading blockchain and web3 software company. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through our product suite, including the MetaMask platform, Infura, Linea, Diligence, and our NFT platform, we have become the trusted collaborator for users, creators, and developers on their path to build and belong in the world they want to see. Whether building a dapp, an NFT collection, a portfolio, or a better future, the instinct to build is universal. Consensys inspires and champions the builder instinct in everyone by making web3 universally easy to use and develop on. To explore our products and solutions, visit https://consensys.io/.
About Blockaid
Blockaid is a leader in web3 security. Founded in 2022 by alumni of Israel’s elite Unit 8200 cyber intelligence unit, Blockaid has quickly become the standard in blockchain protection. Its innovative suite of tools simulates transactions before execution, safeguarding integrated wallets and dApps like MetaMask, OpenSea, Zerion and Rainbow from fraud, phishing, and hacks.
By preemptively validating all transactions, Blockaid provides the security needed to help users trust using Wallets, dApps, and smart contracts. Operating out of offices in New York and Tel Aviv, the company has raised $33 million from top venture capital firms in cybersecurity, fintech, and web3 — Ribbit, Variant, Cyberstarts, Sequoia, and Greylock. Blockaid continues growing its network of partners as the most trusted name in web3 security. For more information, visit https://blockaid.io.
