Consensys introduced it has acquired Pockets Guard, a safety device for safeguarding digital property and information from theft, scams and fraud.
The acquisition goals to combine Pockets Guard’s superior safety features into MetaMask to enhance consumer safety inside Web3.
With Pockets Guard’s background in transaction validation and client-side heuristics, MetaMask customers can count on improved safety capabilities corresponding to rip-off and drainer detection.
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Pockets Guard integration
The combination will contain the Pockets Guard workforce becoming a member of Consensys inside the MetaMask Product Security Staff to make sure a clean transition.
In a written Q&A, Patrick Berarducci, Consensys’ MetaMask and Infura Enterprise Group lead, defined:
“Customers can be protected against the ever-evolving threats in our ecosystem corresponding to malicious DApps and scams via superior phishing detection, net scrapers, and blocklist and transaction evaluation APIs that permit for a sophisticated rip-off detection.”
Berarducci defined to Cointelegraph that via the Pockets Guard integration, Consensys goals “to drive consumer fund losses to zero.”
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Consumer security
The acquisition displays an elevated concentrate on consumer security as the specter of crypto hacks and scams in Web3 continues to rise.
In accordance with the “2024 Crypto Crime Report” by Chainalysis, over $1.7 billion in crypto property had been stolen through scams in 2023.
Discussing the growing precedence for consumer security in Web3 and the implications of the acquisition, Berarducci defined:
“We imagine integrating them into Consensys/MetaMask can be an extra layer of safety for our customers, along with our continued collaborations with safety companions with Web3.”
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Ongoing SEC lawsuit
Regardless of progressing towards improved consumer pockets safety, the USA Securities and Alternate Fee’s newest lawsuit towards Consensys looms over the acquisition.
According to a complaint filed by the SEC on June 28, Consensys has operated as an unregistered dealer and picked up over $250 million in charges with out correct SEC registration.
Consensys sued the SEC in April after receiving a Wells notice from the federal agency, stating that the SEC had been “pursuing an anti-crypto agenda led by advert hoc enforcement motion.”
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