Fort Worth, Texas, USA, July 3, 2024 – Today, Consensys announced the acquisition of Wallet Guard, a leading, user-centric browser extension, security dashboard, and security engine that protects users’ wallets, digital assets and data from theft, scams, and fraud. Through this acquisition, Consensys intends to integrate Wallet Guard’s capabilities to further bolster MetaMask, the world’s leading self-custodial crypto wallet, with state-of-the-art security features ensuring users receive the utmost protection in web3.
Despite the industry’s commitment to safeguarding users, hacks and scams still persist in web3. According to the 2024 Crime Report by Chainalysis, over $1.7 billion worth of crypto was stolen from users through scams alone in 2023, following $3.7 billion in 2022 and over $3 billion in 2021. As web3 continues to gain adoption, the prevalence of scams poses a significant threat to users and new entrants. The acquisition of Wallet Guard marks a significant advancement for Consensys in our commitment to safeguarding our users against ever-evolving threats and building a robust ecosystem that welcomes the next generation of users.
“Wallet Guard has quickly become a premier security tool with advanced capabilities and constant innovation that strategically aligns with Consensys' goal of putting user safety at the forefront. We're excited to welcome them to our team”, said Joe Lubin, co-founder of Ethereum and CEO & Founder of Consensys. "Their innovative security solutions will be instrumental in our mission to create a safer and more secure environment to continuously pave the way for the industry's mass adoption. This integration means a significant step in the right direction".
“MetaMask is unique among wallets in providing not only strong default security features, but also security-enhancing plugins through our Snaps extensibility platform, combining to make MetaMask the leading choice for securely building and using all of web3. 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,” said Patrick Berarducci, MetaMask & Infura Business Group Lead at Consensys.
This integration will enhance MetaMask’s security by improving scam and drainer detection through transaction validation and client-side heuristics, thereby providing users with superior real-time protection against malicious dapps and scams while preserving privacy and self-sovereignty.
The team will join Consensys within the MetaMask Team, leveraging their expertise to build multiple layers of protection that make it harder for scammers and hackers to target MetaMask users and prevent hacks and scams before they occur. Additionally, MetaMask will continue to collaborate with its security partners to ensure comprehensive coverage of all threat vectors.
“We're thrilled at the opportunity to bring our knowledge and commitment to end-user security to millions of MetaMask users worldwide!”, said Ohm Shah, Co-Founder & Co-CEO of Wallet Guard. “Advancements in security, fraud and scam prevention are essential for the mass adoption of web3, and we’re proud to be joining a company that is equally committed to ensuring the best and safest experience imaginable.”
“User experience and safety is our top priority. It’s more important than ever to keep web3 users safe from scammers and we’re excited to bring our innovative cybersecurity solutions to MetaMask”, added Martin Peko, Co-Founder & Co-CEO of Wallet Guard.
Consensys' acquisition of Wallet Guard follows its strategic move in acquiring Special Mechanisms Group (SMG) eight months prior, enhancing its offerings for web3 users, builders, and businesses. Building on previous successful acquisitions, including HAL in 2023 and MyCrypto in 2022, Consensys continues to consolidate and strengthen its position in the web3 and blockchain industry.
During this process, Consensys was represented by Brendan Dignan at the law firm of Baker Botts.
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About Consensys
Consensys is the leading blockchain and web3 software company. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through our product suite, including the MetaMask platform, Infura, Linea, Diligence, and our NFT toolkit Phosphor, we have become the trusted collaborator for users, creators, and developers on their path to build and belong in the world they want to see. Whether building a dapp, an NFT collection, a portfolio, or a better future, the instinct to build is universal. Consensys inspires and champions the builder instinct in everyone by making web3 universally easy to use and develop on. To explore our products and solutions, visit https://consensys.io/.