Cryptocurrency wallet MetaMask announced the introduction of phishing protection

The new feature is needed to prevent malicious transactions and protect users from phishing and hacking

Cryptocurrency wallet MetaMask has announced a partnership with data protection company Blockaid and the introduction of built-in notifications to protect users, reports The Block.

The new feature inside the wallet is needed to prevent malicious transactions and protect users from phishing and hacking, the publication's journalists point out. The official launch of the new feature is scheduled for early November. The first to activate security notifications will be able to users of desktop computers, and from next year this function will be used by default for all clients of the cryptocurrency wallet.

Fraud, and phishing in particular, is a pressing problem for the crypto world. Since airdrops (free giveaways) of new coins or NFTs are frequent in the cryptocurrency industry, attackers take advantage of this. They create fake websites that mimic well-known resources and lure users with false promises of cryptocurrency giveaways. If the victim clicks on the link, he or she enters a third-party site with a request for authorization via an Ethereum cryptocurrency wallet (e.g., MetaMask). When the wallet is connected, a malicious smart contract (a so-called drainer, from the English drain - "to empty") is triggered and assets are debited from the victim's wallet. From a technical point of view, by approving the transfer (signing the transaction), the user voluntarily puts access to their assets in the hands of fraudsters.

MetaMask has 20 million monthly active users, making it the most popular cryptocurrency wallet in the world. Blockaid is a data security startup founded by two former Israeli army cyber intelligence officers. In October this year, Blockaid raised $33 million in investment.

According to PeckShield, the total value of cryptocurrencies and NFT stolen by hackers in the first half of 2023 amounted to $497.73 million.

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