Major crypto wallets raise defense network as phishers jack $400M

MetaMask, Phantom, and other major crypto wallets have partnered with the Security Alliance to launch a global phishing defense network as crypto phishers stole over $400 million in the first half of 2025.

“We’ve joined forces to launch a global phishing defense network that can protect more users across the entire ecosystem,” said the MetaMask team on Wednesday.

SEAL stated that the new defense network would “allow us to create a decentralized immune system for crypto security where anyone from around the world can prevent the next major phishing attack.”

The “decentralized immune system” includes MetaMask, Phantom, WalletConnect, and Backpack.

It will operate in tandem with SEAL’s “verifiable phishing reports” system, which was announced last week. The new tool enables security researchers to prove that malicious websites actually contain the phishing content the user claims to see.

MetaMask joins the fight against phishing. Source: MetaMask

The fight against crypto drainers

The growing problem is crypto drainers, which have been evolving their tactics to evade traditional defenses, explained SEAL.

New methods of luring victims include rotating landing pages faster when blocklists are updated, moving to offshore hosting when infrastructure providers crack down, and using cloaking techniques to avoid automated scanning.

Related: Crypto hack losses down 37% in Q3 as tactics shift to wallets

“Drainers are a constant cat and mouse game,” said Ohm Shah, a security researcher at MetaMask.

Working alongside SEAL allows wallet teams to be more agile and apply research to practice, “effectively throwing a wrench at the drainer’s infra,” he added.

Deploying on as many wallets as possible

The partnership enables an end-to-end pipeline where user-submitted reports are automatically validated and shared across all participating wallets, providing immediate protection against emerging phishing threats.

“Anyone with a valid report is able to trigger a phishing warning across network participants in real time and without any special permissions,” SEAL explained.

“This means quicker response times to new phishing threats and more funds saved. We want to bring this data to as many wallets as possible.”

Phishing attacks accounted for the highest number of security incidents in the first half of this year and have led to more than $400 million in stolen crypto, according to CertiK.

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