MetaMask and Phantom Spearhead International Phishing Prevention Initiative Following $400 Million in Cryptocurrency Fraud

MetaMask, Phantom, and various other prominent crypto wallets are collaborating to address the increasing surge of crypto phishing scams that have siphoned over $400 million from users in the initial half of 2025.

Key Takeaways:

• MetaMask, Phantom, and other significant wallets have teamed up with SEAL to establish a worldwide phishing defense network.
• The new framework allows anyone to submit verifiable phishing reports, which are promptly validated and disseminated across all participating wallets.
• Phishing continues to be the primary cause of crypto losses in 2025, with more than $400 million stolen in the first half of the year.

In a collaborative effort with the Security Alliance (SEAL), the wallets have initiated what they refer to as a global phishing defense network, aimed at creating a “decentralized immune system” that can detect and neutralize threats in real time.

This system connects major wallet providers such as MetaMask, Phantom, WalletConnect, and Backpack, forming an information-sharing network that identifies malicious websites and phishing attempts as they emerge.

SEAL Introduces Verifiable Phishing Report System to Enhance Crypto Wallet Security

SEAL announced that the new arrangement will enable individuals from anywhere in the world to submit verifiable phishing reports, which will then be automatically validated and shared across all participating wallets.

“This results in faster response times to emerging phishing threats and greater funds preserved,” the organization stated.

The defense initiative builds upon SEAL’s recently unveiled “verifiable phishing reports” tool, which allows security researchers to confirm that a reported website indeed contains phishing content.

By integrating this system with the new wallet network, SEAL aims to avert future mass-draining incidents before they proliferate throughout the ecosystem.

We’ve united to establish a global phishing defense network that can safeguard more users across the entire ecosystem.
Security strengthens when we collaborate. https://t.co/Ah8RuiTQ6D

— MetaMask.eth (@MetaMask) October 21, 2025

Phishing scams, especially those involving crypto drainers, have become more advanced. Attackers now change landing pages more rapidly when blocklists are updated, shift to offshore servers when providers intervene, and employ cloaking techniques to avoid automated detection systems.

“Drainers represent a continuous cat-and-mouse scenario,” remarked Ohm Shah, a security researcher at MetaMask.

Collaborating with SEAL, he noted, enables wallet developers to act more swiftly and “disrupt the drainer’s infrastructure.”

This partnership establishes an end-to-end reporting pipeline that automatically verifies user reports and circulates alerts across all connected wallets.

SEAL highlighted its objective to expand the system to encompass as many wallets as possible to enhance coverage.

As per CertiK, phishing remains the leading cause of crypto-related losses in 2025, accounting for over $400 million in stolen assets during the first half of the year alone.

Crypto Hacks Result in $127M in Losses in September

Crypto-related hacks resulted in losses of $127.06 million in September 2025, reflecting a 22% decrease from August’s $163 million, according to blockchain security firm PeckShield.

The month experienced nearly 20 significant exploits, with incidents heavily concentrated in a few large-scale attacks. Despite the decline, industry experts underscored that DeFi and blockchain platforms remain highly susceptible to security breaches.

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

UXLINK suffered a loss of $44.14 million after its multisig wallet was compromised, leading to the unauthorized minting of 10 trillion tokens and a 90% drop in its token price.

SwissBorg incurred a $41.5 million loss in Solana after hackers breached its API partner, Kiln. Both companies are collaborating 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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