Consensys, the Ethereum developer behind the MetaMask wallet, has acquired the Web3 security app Wallet Guard. This acquisition aims to enhance the security of MetaMask, a widely-used non-custodial wallet, providing users with additional protection against potential hacks and crypto scams.

MetaMask Integrates Wallet Guard’s Browser Extension

According to a press release, Consensys will utilize Wallet Guard’s security technology to protect MetaMask users. This technology includes real-time detection for scams and wallet drainers. MetaMask, known for its staking capabilities, has integrated Wallet Guard’s browser extension to enhance its security features.

It is worth noting that MetaMask’s staking product has recently attracted attention from the U.S. Securities and Exchange Commission (SEC). The regulator has sued Consensys over allegations that the wallet app offered unregistered securities and operated as an unregistered broker-dealer. A U.S. judge has granted Consensys’ request for an expedited schedule in an earlier lawsuit filed against the SEC.

Wallet Guard Team Joins MetaMask

As a result of the acquisition, the Wallet Guard team has joined MetaMask. Wallet Guard co-founder Ohm Shah confirmed this development, stating,

“We’ve been on a mission to protect users since we started Wallet Guard. I’m thrilled to say we’ve been acquired by Consensys and are now on the same mission but from within MetaMask!”

Crypto Scams Account for Millions in Stolen Funds

This announcement from Consensys follows MetaMask’s recent addition of security alerts from Blockaid, a Web3 security solution that scans dApps for fraud, phishing, and hack threats. In April, Blockaid highlighted that its solution makes “the lives of drainers so hard they decide to quit.”

In a report earlier this year, blockchain security firm Chainalysis revealed that crypto scams led to the loss of over $1.7 billion in crypto assets in 2023. Although this is a significant figure, it is lower compared to the over $3 billion lost in 2021 and more than $3.7 billion in 2022.

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