How Consensys’ Wallet Guard Move Bolsters MetaMask Security

Consensys acquires Wallet Guard in a move that promises to bolster MetaMask security significantly.

Two people walking to a portal of Metamask who is showing his Ethereum treasure box.
Created by Kornelija Poderskytė from DailyCoin
  • Consensys has made a new acquisition.
  • The new acquisition promises to bolster MetaMask’s security.
  • The move comes as security remains a significant concern for the industry. 

From integrating Daylight API to allow users to track airdrops to unveiling Smart Transactions to avoid losses due to transaction inefficiencies, Consensys has made several efforts in recent months to bolster MetaMask’s functionality and improve its user experience. However, the most recent move from the firm is focused on security.

Consensys recently announced the acquisition of Wallet Guard, a prominent crypto security tool, which promises to significantly bolster MetaMask’s security.

MetaMask to Absorb Wallet Guard Tech and Personnel

Consensys has made a new acquisition. On Wednesday, July 3, Consensys disclosed that it had acquired Wallet Guard to bolster MetaMask’s security. 

Sponsored

Commenting on the Wallet Guard acquisition, MetaMask and Infura Business Lead at Consensys Patrick Beraducci noted:

"With their best-in-class security engine and talented team, Wallet Guard will enhance and accelerate MetaMask's security roadmap and market position, as well as complementing well our ongoing collaborations with web3 security partners."

As explained by Consensys, following the acquisition, MetaMask will integrate Wallet Guard’s features to improve the wallet’s ability to detect scams and wallet drainers in real time. At the same time, Consensys will absorb the entire Wallet Guard team to leverage their expertise to create multiple layers of security to protect MetaMask users from hacks and scams.

Consensys’ Wallet Guard acquisition comes as security remains a significant concern for the crypto industry. Chanalysis’ 2024 crime report found that the industry lost over $1.7 billion to scams in 2023 alone. 

Sponsored

Before acquiring Wallet Guard, MetaMask had integrated Blockaid security alerts in February 2024 to prevent users from signing off malicious transactions.

On the Flipside 

  • Consensys did not disclose the value of the Wallet Guard deal.
  • Despite the recent Wallet Guard acquisition, MetaMask users still need to follow basic Web3 security principles, as the new integration can only protect them so much.

Why This Matters

Crypto scams continue to cost the industry billions of dollars yearly. MetaMask’s Wallet Guard acquisition promises to add more layers of security to protect its over 30 million monthly users from these losses. 

Read this for more on MetaMask:
How MetaMask Is Opening up Ethereum Staking to More Users

Stay up to date with the drama in the Ethereum Layer 2 space:
Polygon, OP Devs Bash Matter Labs for “Misleading” Comparisons 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.