Major wallet providers including MetaMask and Phantom build global security network to respond to phishing losses

During the first half of this year, more than $400 million was stolen worldwide in cryptocurrency phishing attacks, and major wallet providers such as MetaMask and Phantom have formed a global defense network.

According to Cointelegraph on the 22nd (local time), MetaMask, Phantom, WalletConnect, and Backpack have partnered with the security alliance 'Security Alliance (SEAL)' to launch a 'decentralized phishing defense network.'

MetaMask said, "We have joined forces to protect users worldwide," and "through this cooperation, we will build a 'distributed immune system' for cryptocurrency security." SEAL explained that "through this, a global defense system will be established that allows anyone to preemptively block the next large-scale phishing attack."

This network is linked with the 'Verifiable Phishing Reports' system that SEAL released last week. The system allows security researchers to directly verify the malicious content of suspected phishing sites and share it in real time.

MetaMask security researcher Ohm Shah said, "Phishing attacks are always a cat-and-mouse game with attackers," and "through this cooperation, research results can be applied to the field immediately to effectively disrupt attacker infrastructure."

The cooperating wallet providers have built an 'end-to-end response system' that can automatically verify phishing reports submitted by users and immediately issue warnings across the participating wallet network. SEAL said, "If anyone submits a verified report, a real-time warning can be issued across the network without special approval procedures," and "this will increase response speed and minimize asset losses."

Meanwhile, according to blockchain security firm CertiK, phishing attacks accounted for the largest portion of cryptocurrency security incidents in the first half of this year, with damages exceeding $400 million in total. SEAL and the wallet providers expect that this cooperation will fundamentally reduce such damages.