Chainalysis’ 2024 Crime Report shows a worrying spike in crypto scams and thefts, costing users over $1.7 billion in 2023. In response, leading crypto wallet Metamask has acquired Wallet Guard to bolster its security. This integration will improve MetaMask’s security features, giving users stronger protection against scams and hacks.
More Protection: We’re integrating @wallet_guard’s security engine to enable cutting-edge security features which block scams and keep your assets safe.
With other security partners like @blockaid_, we provide the highest level of protection when interacting with web3. pic.twitter.com/YzhUBirsaT
— MetaMask 🦊🫰 (@MetaMask) August 23, 2024
In 2023 alone, scammers stole over $1.7 billion in cryptocurrencies, following the massive $3.7 billion in 2022 and over $3 billion in 2021. While Web3’s decentralized and permissionless nature is empowering, it also makes real-time security a tough challenge. As the industry expands, these scams threaten both experienced and new users.
In response to this escalating issue, MetaMask has taken action by integrating Wallet Guard, recently acquired by Consensys. Wallet Guard is a user-focused security platform known for its browser extension and security dashboard.
The Wallet Guard team plans to use their expertise to build robust security solutions for MetaMask. This collaboration aims to create multiple layers of protection, making it harder for scammers and hackers to target users, and stopping hacks and scams before they happen.
First, Wallet Guard’s core technology adds an extra layer of security when Metamask users interact with dApps and smart contracts. This works alongside existing measures and brings together the best third-party security services, like Blockaid, into a single solution.
Beyond just dApp interactions, the security upgrades cover the entire user experience within MetaMask, from creating a wallet to managing keys and protecting assets. This thorough approach reduces risks and creates a safer environment for all Web3 activities.
Also, MetaMask users now have real-time security insights, giving them a clearer picture of their transaction safety. The platform’s threat detection capabilities also help spot potential vulnerabilities faster, giving users more confidence and protection.
With MetaMask placing security of users as their priority, users can expect significant improvements in the coming months, thanks to the Wallet Guard integration. This will make it safer and simpler for users to navigate the permissionless world of Web3.