Key Insights
- Consensys acquires Wallet Guard to enhance MetaMask’s security features
- Integration aims to provide real-time protection against crypto scams and malicious dapps
- Wallet Guard team joins Consensys as part of the deal
NEW YORK (MarketsXplora) – Consensys, the developer behind popular Web3 wallet MetaMask, has acquired crypto security firm Wallet Guard for an undisclosed sum, the company announced on Wednesday.
The acquisition aims to enhance MetaMask’s security features by integrating Wallet Guard’s browser extension and security engine capabilities. This move is expected to provide real-time protection against malicious decentralized applications (dapps) and scams for MetaMask’s over 30 million monthly active users.
Wallet Guard’s technology offers real-time identification of scams and wallet drainers, which Consensys plans to incorporate into MetaMask to improve drainer detection through transaction validation and client-side heuristics.
“Wallet Guard has quickly become a premier security tool with advanced capabilities and constant innovation that strategically aligns with Consensys’ goal of putting user safety at the forefront,” Joe Lubin, CEO of Consensys and co-founder of Ethereum, told MarketsXplora.
The acquisition follows Consensys’ February integration of Blockaid security alerts into MetaMask across multiple blockchain networks, including Ethereum, Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche. The company estimates these alerts could prevent hundreds of millions of dollars worth of crypto assets from being stolen in 2024 alone.
According to Chainalysis’ 2024 crime report, crypto scams resulted in the theft of over $1.7 billion in 2023, down from $3.7 billion in 2022 and more than $3 billion in 2021.
Read also! Crypto Theft Soars 112% in Q2, Centralized Exchanges Bear Brunt
Wallet Guard team joins Consensys
As part of the deal, the entire Wallet Guard team will join Consensys, working within its MetaMask product safety department.
Ohm Shah, co-founder and co-CEO of Wallet Guard, expressed enthusiasm about the merger, stating,
“We’re thrilled at the opportunity to bring our knowledge and commitment to end-user security to millions of MetaMask users worldwide.”
This acquisition comes on the heels of Consensys launching pooled staking for MetaMask last month, allowing users to stake any amount of ether to contribute to Ethereum network security and earn validator rewards.
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