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MetaMask Launches Real-Time Security Alerts on Major Chains

MetaMask, a self-custody crypto wallet, declared its decision to expand default security alerts to users of its web extension and mobile app across various blockchains today.

In a recent announcement, the Ethereum-centric wallet stated that alongside Ethereum, its MetaMask Security Alerts feature would now cover Linea, BNB Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche.

MetaMask Security Alerts

MetaMask Security Alerts proactively notifies users during transactions if they encounter a recognized threat. The feature simulates the requested transaction, detects potential malicious patterns, and issues warnings to users if the transaction is expected to result in a loss of funds.

Developed in collaboration with security partner Blockaid, the effectiveness of this feature was highlighted during the infamous phishing scam in September 2023, which compromised Vitalik Buterin’s X handle. Users who had enabled the feature beforehand managed to avoid the scam.

According to MetaMask, Blockaid’s systems identified the malicious decentralized application a full 24 hours before the hack occurred, leading to users saving $100,000 worth of assets. The alert system also played a crucial role in detecting the security breach when Uniswap founder Hayden Adams’ Twitter account was hacked later in October.

Bárbara Schorchit, Senior Product Manager at MetaMask, informed Cointelegraph that the alert feature played a significant role in helping users save over $1 million during the recent Ledger Connect Kit incident in December.

“Nearly 100 front-end DApps were compromised, yet every MetaMask user who opted into the security alerts powered by Blockaid were protected, preventing what we estimate to be around $1.15 million worth of assets from being stolen,” Schorchit stated.

Crypto Wallet Sees Surge in User Numbers

The rollout of these new security features aligns with significant user growth for the wallet, nearing its peak in 2022. Monthly active users surged from 19 million in September 2023 to 30 million in January 2024.

Just two weeks ago, MetaMask unveiled a partnership with the well-known trading platform Robinhood, as reported by MetaMask developer ConsenSys.

This collaboration enables MetaMask users to purchase digital assets using Robinhood’s order flow. Concurrently, Robinhood account holders can seamlessly fund and transfer their crypto assets to their MetaMask wallet.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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