Under a new partnership, MetaMask showed its strong efforts against bad actors to save MetaMask users from hacking incidents.
MetaMask is a popular decentralized Ethereum crypto wallet that currently supports trading of crypto assets on Arbitrum, Optimism, Binance Smart Chain, Polygon, and Avalanche networks in addition to Ethereum. ConsenSys is the blockchain developer behind this wallet, which was founded by Ethereum co-founder Joseph Lubin.
On 31 Oct 2023, MetaMask announced a partnership with Blockaid. Under this partnership, MetaMask aimed to save MetaMask users from potential phishing attacks.
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
(@MetaMask)
Blockaid’s Dapp scanning tool has the potential to fully simulate all possible user interactions and validate whether those interactions are malicious. This feature will be rolled out from the first quarter of the next year for all the MetaMask users as a by-default function.
However here this effort by the MetaMask developer firm will protect MetaMask users from suspicious & illicit crypto transactions but it will be interesting what efforts will be made by ConsenSys to fight against interactions with those MetaMask wallets with interacts with Metmask users with similar kinds looking crypto addresses.
Currently, MetaMask has 20 million active users and aims to save billions of crypto assets from phishing attacks. Blockaid is a crypto & blockchain startup that was founded by two former members of the Israeli military intelligence and recently emerged from stealth mode with $33 million in funding.
MetaMask, user data, & controversy
In Q4 2022, MetaMask updated its user data policy use and confirmed that MetaMask will collect the user’s user name, IP address, & corresponding crypto address in the record for better customer experience.
Many MetaMask users jumped against ConsenSys’s new policy and alleged that ConsenSys wanted to earn money from users’ data.
Later ConsenSys CEO clarified that they will collect users’ data for a small period and they will never share/sell data to third-party companies.
Read also: Billionaire Druckenmiller says “I don’t own Bitcoin, but I should”
MetaMask partners with Blockaid to save MetaMask from crypto phishing attacks
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