Consensys, the developer of MetaMask, has acquired cryptocurrency security app Wallet Guard to bolster the security of its popular non-custodial web3 wallet.
Wallet Guard offers a popular browser extension that can be used to identify fraudulent activity and wallet draining in real time.
According to a statement shared with The Block, Consensys plans to integrate Wallet Guard’s browser extension and security engine features to protect MetaMask users’ wallets, digital assets, and data from theft, fraud, and scams.
The integration will provide users with real-time protection against malicious dapps and fraud by improving transaction validation and drain detection through client-side heuristics, the company said. Consensys did not disclose the value of the deal.
The acquisition follows Consensys’ integration of Blockaid security alerts into MetaMask in February for several chains, including Ethereum, Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche. MetaMask estimates that security alerts could prevent hundreds of millions of dollars worth of cryptocurrency assets from being stolen in 2024 alone.
According to Chainalysis’ 2024 Crime Report, $1.7 billion worth of cryptocurrency was stolen through scams in 2023 alone, $3.7 billion in 2022, and over $3 billion in 2021.
“Wallet Guard has quickly become a leading security tool through its advanced features and relentless innovation, which is strategically aligned with Consensys’ goal of putting user safety at the forefront,” said Joe Lubin, Consensys CEO and Ethereum co-founder. “Their innovative security solution will help us in our mission to create a safer and more secure environment as we continue to pave the way for mass adoption in the industry.”
Wallet Guard Team Joins Consensys
The entire Wallet Guard team will also join Consensys as part of this transaction, working within the MetaMask product security division.
“We are excited about the opportunity to bring our knowledge and dedication to end-user security to the millions of MetaMask users around the world,” said Ohm Shah, Wallet Guard co-founder and co-CEO. “Advancements in security, fraud, and anti-fraud are essential to the mass adoption of web3.”
According to data provided by the company, MetaMask remains the most widely used cryptocurrency wallet app with over 30 million monthly active users.
Last month, Consensys launched pool staking for its Web3 wallet, allowing MetaMask users to stake any amount of Ether to contribute to the security of the Ethereum network and earn validator rewards.
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