Several crypto wallet providers, including MetaMask and Phantom, are collaborating with the Security Alliance (SEAL) to stop a phishing threat that has led to over $400 million in stolen funds.
This group effort is focused on building a shared security network. Rather than acting alone, these companies are part of a joint system that quickly detects and blocks phishing websites.
According to MetaMask, this network is aimed at improving safety for the entire crypto community.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Can Russia Use Crypto to Bypass Sanctions? (Animated)
SEAL described this project as a “decentralized immune system” designed to spot and stop scams before they spread. Wallet services such as Backpack and WalletConnect are also part of this defense network.
One of the core tools of this system is SEAL’s new feature for confirming phishing claims. It allows security experts to verify and prove that a website contains harmful content.
These confirmed reports can then be used by all wallet providers involved in the network.
Criminals running phishing scams, often called “crypto drainers”, have been changing their strategies to stay ahead of standard protections.
SEAL pointed out that some scammers switch their landing pages often, move their sites to servers in countries with less oversight, and use tricks to hide malicious content from automated systems.
MetaMask researcher Ohm Shah noted that fighting these threats is like a “cat and mouse game”. By working with SEAL, wallet providers can act faster and use research findings in real time to block scams more effectively.
Recently, SEAL exposed a network of individuals posing as IT professionals to gain unauthorized access to cryptocurrency companies. How? Read the full story.
