Consensys, the first Ethereum developer company that made the MetaMask wallet, has bought the Web3 security app Wallet Guard as a smart move to protect users. The goal of the purchase is to add advanced security features to MetaMask. This will make it more resistant to hacks and crypto scams.
MetaMask will add Wallet Guard’s browser extension technology to its non-custodial wallet app, which is widely used for staking and decentralized finance (DeFi) tasks. It is believed that this integration will add real-time detection of scams and wallet vulnerabilities to MetaMask’s current security framework, making it stronger.
MetaMask Security Fortified: Consensys Acquires Wallet Guard
Consensys discussed how important Wallet Guard’s security technology is for keeping MetaMask users safe in a news release about the acquisition. The whole Wallet Guard team is now working for MetaMask, as revealed by Ohm Shah, co-founder of Wallet Guard. Shah said in a statement that they were excited to keep working on their goal to protect MetaMask users from digital threats.
The move comes as the U.S. Securities and Exchange Commission (SEC) starts to look closely at MetaMask. Recently, the SEC sued Consensys, saying that the company offered unregistered securities linked to MetaMask’s stacking products. In reaction to Consensys’s lawsuit against the regulator, a U.S. judge has sped up the process.
Notably, Consensys’s proactive steps to improve MetaMask’s security come after the company recently integrated Blockaid, another Web3 security option. Blockaid sends security alerts that check decentralized apps (dApps) for fraud, phishing attempts, and hacking threats. This makes MetaMask’s defenses even stronger.
https://twitter.com/blockaid_/status/1780326345534218485
The need to improve security is urgent because crypto scams are becoming more common and have caused huge financial losses around the world. An important new report from the blockchain security company Chainalysis shows that in 2023 alone, crypto scams stole over $1.7 billion in assets.
