MetaMask And Blockaid Present Sophisticated Security Features For Crypto Wallet

JAKARTA - MetaMask, a popular crypto wallet that supports various blockchains, is working with Web3 security solutions provider Blockaid. This collaboration is aimed at rolling out security warning features that preserve user privacy. This feature is designed to protect users from risky transactions and malicious decentralized applications (dApps).

MetaMasks are self-managed crypto wallets, meaning users have full control over their assets. Ethereum-based MetaMasks, but also support other block chains, such as Binance Smart Chain, Polygon, Arbitrum, Optimism, and Avalanche. MetaMask allows users to access multiple dApps, such as the NFT marketplace, DeFi platform, and crypto games.

However, with the increasing number of dApps popping up, it also increases the potential for security threats for MetaMask users. Some dApps may be insecure, dishonest, or even dangerous. Therefore, MetaMask and Blockaid developed security warning features that can detect and prevent transactions that can cause harm to users.

This security warning feature is called Privacy Preserving Offline Module (PPOM). This feature is an offline security machine that can simulate and validate transactions before signing by users. This feature does not send user data to third parties, but only uses RPC node communication requests to user-configured node providers.

With this feature, MetaMask users will get a warning if the requested transaction looks suspicious or potentially harmful. For example, if the transaction will send all user assets to an unknown address, or if the accessed dApps have a bad reputation or a history of security breaches.

This feature has proven effective in protecting MetaMask users from several major security incidents that have occurred in the crypto world. For example, in September 2023, when Vitalik Buterin's Twitter account, co-founder of Ethereum, was hacked and used to scam MetaMask users. Users who have activated the security warning feature can avoid the scam and save 100,000 US dollars worth of assets (Rp1.56 billion).

This feature also succeeded in preventing phishing attacks targeting MetaMask users using Ledger, a crypto wallet hardware, in December 2023. This attack resulted in a loss of around $1.15 million for unprotected users. However, users who use the security warning feature can recognize and avoid the attack.

This security warning feature has been available to MetaMask desktop users since November 2, 2023. Users can choose to enable this feature through the MetaMask experimental settings. This feature is expected to be available on the MetaMask mobile app by the end of November 2023. In the first quarter of 2024, this feature will be a default feature in the MetaMask wallet, so that it can be accessed by all MetaMask users.

MetaMask is one of the most popular crypto wallets in the world, with more than 30 million monthly active users. MetaMask continues to innovate to improve services and security for its users. Recently, MetaMask also announced partnerships with Robinhood, a stock and crypto trading platform, which allows MetaMask users to buy and sell digital assets easily and quickly.