Enhancing Security with MetaMask's New Feature

The Web3 wallet, MetaMask, has collaborated with the security company Blockaid to launch a pre-transaction risk alert feature within its browser extension.

Starting from the beginning of November 2023, MetaMask users on PCs and laptops can trial this new feature. The plan is to extend it to 100% of users by the first quarter of 2024.

In collaboration with @Blockaid_, a leading web3 security provider, we are pleased to announce the launch of privacy-preserving security alerts in the MetaMask extension to help stop malicious transactions before they happen.🦊🛡️
https://t.co/G7tu8eeyyt

— MetaMask 🦊🫰 (@MetaMask) October 31, 2023

In an exclusive Decrypt interview, Bárbara Schorchit, MetaMask’s Product Director, disclosed that the new feature will simulate transaction verification and signatures. It will analyze these interactions for potential harm, issuing warnings before users confirm transactions.

Blockaid’s solution involves scanning transactions within dApps, smart contracts, and across various blockchains to simulate and verify potential user interactions. This is aimed at determining if these interactions are harmful and assessing the safety of the entire dApp.

Blockaid, a Web3 security company based in New York, was founded in September 2022 by former Israeli military intelligence personnel, Ben-Natan and Raz Niv, both previously associated with Israel’s Unit 8200, the military’s cyber intelligence unit.

Just a week before announcing its collaboration with MetaMask, Blockaid successfully raised $33 million led by Ribbit Capital and Variant. The funding will be utilized to expand product scalability, customer base, and the team to address industry security challenges.

This collaboration positions MetaMask as one of the first Web3 wallets to integrate security alerts. The new feature aims to proactively prevent harmful transactions and protect users from cyber attacks and fraudulent activities within the crypto sphere, a significant barrier for newcomers in the market.