Consensys, the company behind the popular crypto wallet MetaMask, has acquired Wallet Guard, a security tool designed to protect users from scams and theft. This move signifies Consensys’ commitment to improving user safety in the wake of rising cyber threats within the Web3 space.
Wallet Guard’s integration into MetaMask will bring advanced security features like scam and drainer detection. The Wallet Guard team will also join Consensys, specifically the MetaMask Product Safety Team, to ensure a smooth transition.
This acquisition comes amidst growing concerns about crypto hacks and scams in Web3. According to a 2024 report by Chainalysis, over $1.7 billion worth of crypto assets were stolen through scams in the previous year.
“Users will be shielded from ever-evolving threats like malicious DApps and scams,” said Patrick Berarducci, head of Consensys’ MetaMask and Infura Business Group. He further elaborated that Consensys aims to “drive user fund losses to zero” through this integration.
While Consensys takes steps to enhance user security, a recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) casts a shadow. The SEC alleges that Consensys operated as an unregistered broker and collected substantial fees without proper registration. Interestingly, Consensys had already sued the SEC in April, accusing them of pursuing an “anti-crypto agenda.”
