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 ￰1￱ Takeaways: MetaMask, Phantom, and other major wallets have partnered with SEAL to launch a global phishing defense ￰2￱ new system enables anyone to submit verifiable phishing reports, which are instantly validated and shared across all participating ￰3￱ remains the leading cause of crypto losses in 2025, with over $400 million stolen in the first half of the ￰4￱ 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 ￰5￱ 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 ￰6￱ 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 ￰7￱ defense effort builds on SEAL’s recently announced “verifiable phishing reports” tool, which lets security researchers prove that a reported website actually hosts phishing ￰8￱ pairing this system with the new wallet network, SEAL aims to prevent future mass-draining incidents before they spread across the ecosystem. We’ve joined forces to launch a global phishing defense network that can protect more users across the entire ￰9￱ gets stronger when we work together. ￰0￱ — ￰10￱ (@MetaMask) October 21, 2025 Phishing scams, particularly those involving crypto drainers, have become increasingly ￰11￱ 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 ￰12￱ 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 ￰13￱ emphasized its goal is to extend the system to as many wallets as possible to maximize ￰14￱ 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 ￰15￱ 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 ￰16￱ month saw nearly 20 major exploits, with incidents heavily concentrated in just a few large-scale ￰17￱ the drop, industry experts emphasized that DeFi and blockchain platforms remain highly vulnerable to security ￰18￱ two biggest hacks involved UXLINK and SwissBorg, accounting for a combined $85 ￰19￱ 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 ￰20￱ suffered a $41.5 million loss in Solana after hackers breached its API partner, ￰21￱ companies are working with exchanges, law enforcement, and white-hat hackers for damage control and user ￰22￱ 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.