$538M Stolen by Drainers: ETH & SOL Wallets Unite with Real-Time Phishing Blocks

Why It Matters

By enabling instant, shared blocks across major wallet providers, the system aims to materially reduce user losses, speed incident response and raise the operational cost for attackers while setting a new industry standard for collaborative threat defense.

Summary

Nonprofit SEAL on Oct. 22 launched a real-time phishing defense network with MetaMask, WalletConnect, Backpack and Phantom that uses Verifiable Phishing Reports to let users submit cryptographically attested evidence of malicious sites, bypassing manual review delays. The coalition, which has been disrupting crypto drainer operations since late 2023, says the move targets the types of scams responsible for roughly $538 million in thefts from Ethereum and Solana wallets. By enabling instant, shared blocks across major wallet providers, the system aims to materially reduce user losses, speed incident response and raise the operational cost for attackers while setting a new industry standard for collaborative threat defense.