$538M stolen by drainers: ETH & SOL wallets unite with real-time phishing blocks

The nonprofit security organization SEAL, in partnership with MetaMask, WalletConnect, Backpack, and Phantom, launched a real-time phishing defense network on October 22 to combat crypto drainer operations, which have stolen approximately $538 million as of September 30, according to CertiK. This new system utilizes Verifiable Phishing Reports technology, allowing users to submit cryptographically attested evidence of malicious sites. This bypasses the manual review bottleneck that previously allowed attackers to rapidly rotate infrastructure, effectively ending an arms race where drainers consistently outpaced defenders' mitigation efforts. The validated reports are fed into a network-wide detection system that blocks phishing domains and risky contract interactions across participating wallets. Success will be measured by metrics including reduced loss rates per active user, faster threat neutralization times, and high detection quality (recall and precision). The coalition invites more wallets and researchers to join the effort.

(Source：CryptoSlate)