- Users may anticipate enhanced security features, including drainer and fraud detection.
- The purchase is overshadowed by the newest litigation against Consensys by the U.S SEC.
To better safeguard users’ digital assets and personal information against fraud, scams, and theft, Consensys has announced the acquisition of Wallet Guard. In order to enhance user safety inside Web3, the purchase seeks to incorporate Wallet Guard’s superior security capabilities into MetaMask.
Users of MetaMask may anticipate enhanced security features. Including drainer and fraud detection, thanks to Wallet Guard’s expertise in client-side heuristics and transaction validation. The Wallet Guard team will be collaborating with Consensys inside the MetaMask Product Safety Team to provide a seamless integration.
Heightened Emphasis on User Safety
Lead of Consensys’ MetaMask and Infura Business Group Patrick Berarducci explained in a written Q&A that users will be protected from the constantly changing hazards in the ecosystem, like scams and malicious DApps, with the help of web scrapers, advanced phishing detection, and APIs for blocklist and transaction analysis that enable sophisticated scam recognition.
Moreover, the rising danger of crypto breaches and frauds on Web3 has led to a heightened emphasis on user safety, which is reflected in the acquisition. Also, over $1.7 billion worth of cryptocurrency was lost or stolen in 2023, according to Chainalysis’s “2024 Crypto Crime Report.”
The purchase is overshadowed by the newest litigation against Consensys by the U.S SEC. Even though efforts to enhance user wallet security are underway. The SEC said in a June 28 lawsuit that Consensys had taken in more than $250 million in fees. Without being properly registered as a broker.
After getting a Wells notice in April, Consensys sued the SEC, claiming the federal agency was anti-crypto and has been using ad hoc enforcement actions to further its goal.
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