How secure is MetaMask? Consensys buys Wallet Guard

The Web3 company Consensys has purchased Wallet Guard. Wallet Guard is a Web browser extension that alerts users to fraud software or wallet drains. With the purchase, Consensys aims to make its popular MetaMask Wallet more secure.

According to Chainalysis' Crime Report 2024, more than $1.7 billion worth of cryptocurrencies were stolen through fraud in 2023 alone. In 2022, it was $3.7 billion and in 2021, more than $3 billion.

"Wallet Guard has become a premier security tool with comprehensive features and continuous innovation that strategically aligns with Consensys' goal of putting user security first," said Joe Lubin, CEO of Consensys and co-founder of Ethereum. "Their innovative security solutions will help us create a more secure environment, paving the way for mass adoption in the industry."

With the deal, the Wallet Guard team moves to Consensys. "We are very excited about the opportunity to pass on our knowledge and commitment to security to millions of MetaMask users worldwide," said Ohm Shah, co-founder and co-CEO of Wallet Guard.

Recently, MetaMask introduced "Smart Transactions." This feature should help solve the so-called Maximal Extractable Value (MEV) problem that causes DeFi users to lose more than $440 million annually.

Consensys is not having an easy time in the US at the moment. The US SEC has sued the company.