- Consensys acquires Wallet Guard to boost MetaMask security, aiming to enhance user protection in the web3 space.
- Integration of Wallet Guard’s features into MetaMask enhances scam detection, providing superior real-time protection.
- Consensys’ ongoing strategy includes acquiring security platforms to strengthen web3 ecosystem security and user safety.
Consensys has announced the acquisition of Wallet Guard, a prominent browser extension and security platform. This aims to strengthen MetaMask, Consensys’ self-custodial crypto wallet, by integrating Wallet Guard’s security features. This highlights Consensys’ commitment to user protection in the evolving web3 space.
— Consensys (@Consensys) July 3, 2024
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
We proudly announce the acquisition of Strengthening User Protection
Wallet Guard, known for its good security engine and user-friendly interface, will be integrated into MetaMask. This integration is expected to enhance MetaMask’s scam and drainer detection capabilities. By leveraging transaction validation and client-side interests, users will receive superior real-time protection against malicious dapps and scams. Despite all efforts, web3 security beats on. According to a 2024 Chainalysis Crime Report, $1.7 bln in crypto was stolen last year alone. Consensys seeks to curtail risks associated with vulnerabilities such as these through this acquisition.
Joe Lubin, co-founder of Ethereum and CEO of Consensys, emphasized the strategic alignment between Consensys and Wallet Guard. He noted that Wallet Guard’s innovative solutions would be crucial in enhancing user safety and fostering industry-wide adoption of web3 technologies. This acquisition follows Consensys’ earlier purchases of Special Mechanisms Group, HAL, and MyCrypto, demonstrating a consistent strategy to boost its security offerings.
MetaMask’s Enhanced Capabilities
Patrick Berarducci, MetaMask & Infura Business Group Lead at Consensys, highlighted MetaMask’s unique position in offering good default security features and security-enhancing plugins through its Snaps platform. Wallet Guard’s integration will accelerate MetaMask’s security roadmap, improving its market position and complementing existing collaborations with web3 security partners. This integration will build multiple layers of protection, making it more challenging for scammers and hackers to target MetaMask users.
Team Collaboration and Future Plans
The Wallet Guard team will join MetaMask, bringing their expertise to enhance user protection. Ohm Shah, Co-Founder and Co-CEO of Wallet Guard, expressed excitement about the opportunity to contribute to MetaMask’s security measures. Martin Peko, Co-Founder and Co-CEO of Wallet Guard, echoed this sentiment, showing the importance of user safety in the mass adoption of web3.
The acquisition of Wallet Guard by ConsenSys further proves its commitment to building a safe web3 ecosystem. The company’s continued integration of advanced security features into MetaMask seeks users’ protection from emerging threats while maintaining privacy and self-sovereignty.
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