MetaMask, Phantom Lead Global Phishing Defense Effort After $400M in Crypto Scams

MetaMask, Phantom, and several other leading crypto wallets are joining forces to tackle the rising wave of crypto phishing scams that have drained more than $400 million from users in the first half of 2025.

In a joint initiative with the Security Alliance (SEAL), the wallets have launched what they call a global phishing defense network, designed to build a “decentralized immune system” capable of identifying and neutralizing threats in real time.

The system links major wallet providers including MetaMask, Phantom, WalletConnect, and Backpack, creating an information-sharing network that flags malicious websites and phishing attempts as they appear.

SEAL Launches Verifiable Phishing Report System to Boost Crypto Wallet Security

SEAL said the new setup will allow anyone from anywhere in the world to submit verifiable phishing reports, which will then be automatically validated and broadcast across all participating wallets.

“This means quicker response times to new phishing threats and more funds saved,” the organization noted.

The defense effort builds on SEAL’s recently announced “verifiable phishing reports” tool, which lets security researchers prove that a reported website actually hosts phishing content.

By pairing this system with the new wallet network, SEAL aims to prevent future mass-draining incidents before they spread across the ecosystem.

Phishing scams, particularly those involving crypto drainers, have become increasingly sophisticated. Attackers now rotate landing pages faster when blocklists update, migrate to offshore servers when providers intervene, and use cloaking methods to evade automated detection systems.

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

Partnering with SEAL, he added, allows wallet developers to move faster and “throw a wrench at the drainer’s infra.”

The collaboration creates an end-to-end reporting pipeline that automatically validates user reports and circulates alerts across all connected wallets.

SEAL emphasized its goal is to extend the system to as many wallets as possible to maximize coverage.

According to CertiK, phishing remains the top cause of crypto-related losses in 2025, accounting for over $400 million in stolen funds during the first half of the year alone.

Crypto Hacks Cause $127M in Losses in September

Crypto-related hacks caused $127.06 million in losses in September 2025, marking a 22% decline from August’s $163 million, according to blockchain security firm PeckShield.

The month saw nearly 20 major exploits, with incidents heavily concentrated in just a few large-scale attacks. Despite the drop, industry experts emphasized that DeFi and blockchain platforms remain highly vulnerable to security breaches.

The two biggest hacks involved UXLINK and SwissBorg, accounting for a combined $85 million.

UXLINK lost $44.14 million after its multisig wallet was exploited, leading to the unauthorized minting of 10 trillion tokens and a 90% crash in its token price.

SwissBorg suffered a $41.5 million loss in Solana after hackers breached its API partner, Kiln. Both companies are working with exchanges, law enforcement, and white-hat hackers for damage control and user compensation.

Other incidents included a $13.5 million phishing attack on a Venus Protocol user, of which $13 million was recovered, and additional smaller exploits targeting platforms like Yala, GriffAI, and Shibarium Bridge.

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