MetaMask’s Game-Changing Strategy to Combat Crypto Theft

MetaMask has introduced a new security feature by partnering with the Web3 security firm Blockaid. The firms estimate that this feature will save billions in users’ funds from being stolen.

With self-custody, there is a greater responsibility for the users, as they need to be mindful before signing every transaction. Malicious actors have often utilized the sophistication of self-custody services to trick users into signing transactions to steal users’ funds.

According to Nairametrics, MetaMask and Blockaid launched opt-in privacy-preserving security alerts in the MetaMask extension. The security feature will also roll out for mobile app users in November.

Currently, the users can opt in for the feature in the web extension under the experimental setting. However, MetaMask wants to make it a default feature by March 2024.

Read more: Crypto Social Media Scams: How to Stay Safe.

Previously, in February, MetaMask introduced a similar security feature for phishing detection. However, users had to compromise with their privacy as the feature required access to their IP addresses. Hence, it received community criticism.

But, with the latest security feature, MetaMask claims that users’ privacy would not take a backseat. Dan Finlay, the co-Founder of MetaMask, said:

“With these native privacy-preserving security alerts, MetaMask is not only enhancing user safety but also setting a new standard for privacy-preserving security in the web3 ecosystem. 

“Privacy is a core value of web3 and should not need to be sacrificed to improve usability. Instead, it should be a guiding principle in the development of solutions to improve the space.”

In March 2023, BeInCrypto reported, citing a survey, that one in three Americans have been victims of crypto theft. On average, the survey participants lost $97,583 worth of crypto.

Moreover, Blockaid said that daily, approximately 5,000 new decentralized applications (dApps) are launched. Shockingly, the firm revealed that 10% of these dApps are malicious.

Read more: 15 Most Common Crypto Scams To Look Out For

Hence, proper Web3 security infrastructure is the need of the hour. However, the effectiveness of the MetaMask’s security feature could be better judged after its full-fledged user adoption.

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