Consensys has acquired the crypto security app Wallet Guard in a move that the MetaMask developer says will improve the security of its popular non-custodial web3 wallet. The financial details of the deal were not disclosed.
Wallet Guard offers a widely-used browser extension designed to identify scams and wallet drainers in real-time.
Consensys plans to integrate Wallet Guard’s browser extension and security engine into MetaMask to protect users’ wallets, digital assets, and data from theft, scams, and fraud. This integration will improve drainer detection through transaction validation and client-side heuristics, providing users with real-time protection against malicious dapps and scams.
This acquisition follows Consensys’ earlier integration of Blockaid security alerts into MetaMask across multiple chains, including Ethereum, Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche. MetaMask estimates that these security alerts could prevent hundreds of millions of dollars worth of crypto assets from being stolen in 2024 alone.
According to Chainalysis‘ 2024 crime report, over $1.7 billion worth of crypto was stolen through scams in 2023, following $3.7 billion in 2022 and more than $3 billion in 2021.
“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,” said Consensys CEO and Ethereum co-founder Joe Lubin. “Their innovative security solutions will be instrumental in our mission to create a safer and more secure environment to continuously pave the way for the industry’s mass adoption.”
The entire Wallet Guard team will join Consensys as part of the deal, working within its MetaMask product safety department. “We’re thrilled at the opportunity to bring our knowledge and commitment to end-user security to millions of MetaMask users worldwide,” said Wallet Guard co-founder and co-CEO Ohm Shah. “Advancements in security, fraud and scam prevention are essential for the mass adoption of web3.”
MetaMask remains the most widely used crypto wallet app, with more than 30 million monthly active users. Last month, Consensys launched pooled staking for the web3 wallet, allowing MetaMask users to stake any amount of ether to contribute to Ethereum network security and earn validator rewards.
