- MetaMask’s developer Consensys has acquired Wallet Guard to improve the security of its products
- Consensys said the move is meant to protect the wallet’s users against rising web3 threats
- Wallet Guard will allow MetaMask users to detect scams and wallet drainers before their funds are stolen
Three weeks after launching an in-wallet staking service that attracted the wrath of the United States securities watchdog, SEC, MetaMask is ramping up its security to protect users against rising web3 scams. The wallet’s developer Consensys disclosed that it has acquired Wallet Guard, a platform that will be integrated with MetaMask to increase the wallet’s ability to detect hacking and scamming attempts. Consensys noted that the acquisition is part of its mission to ensure no MetaMask user loses funds through malicious means, a move that comes a few days after reports emerged that hackers and scammers stole over $500 million in Q2 2024.
A Premier Web3 Security Tool
In an announcement, Consensys’ founder Joe Lubin described Wallet Guard as “a premier security tool with advanced capabilities.” Lubin added that the project is committed to protecting web3 users, something that aligns with Consensys’ “goal of putting user safety at the forefront.”
🔊We proudly announce the acquisition of @wallet_guard by Consensys!
This new addition to our family strengthens @MetaMask‘s commitment to user protection, building on recent security feature integrations to safeguard against hacks and scams.https://t.co/V5PnvuxZMf
— Consensys (@Consensys) July 3, 2024
According to the Consensys executive, Wallet Guard’s security solutions will help put MetaMask at the forefront in driving web3 adoption. Another Consensys executive, Patrick Berarducci, also commented on the development saying that the integration will accelerate MetaMask’s “security roadmap and market position.”
The Safest Experience Imaginable
The Wallet Guard team will join MetaMask’s team to continue developing the product, with Wallet Guard co-founder Ohm Shah noting that they’re excited to join a company that’s committed to ensuring web3 users have “the best and safest experience imaginable.”
Consensys also noted that it’ll continue collaborating with other security partners to further enhance MetaMask users’ security. The acquisition comes as the wallet continues to record an uptick in new users, is launching new security features and is integrating with more blockchains.
By bringing Wallet Guard on board, MetaMask is likely to become the leading wallet among web3 users.
