MetaMask, ConsenSys’s self-custody wallet, has teamed up with Asset Reality to tackle cryptocurrency fraud. It will help support MetaMask scam and phishing victims in recovering their hacked and stolen assets.
Asset Reality, a platform for accessing and recovering seized crypto and digital assets, tweeted that with MetaMask, it will help victims of crypto-related fraud to recover their stolen digital assets. This is an industry-first approach to improving virtual asset recovery.
Crypto wallet users are always concerned about falling victim to phishing scams. Hackers often pose as a friendly faces offering to help users navigate crypto’s technical jargon and trick users into handing over their funds. Asset Reality will act as the case handler of MetaMask’s affected users. It will take on the charge to build an investigation into the scam’s operations, greatly increasing the likelihood of recovering the funds. This partnership will also bring scammers and hackers to justice. But victims need to report their losses through the official MetaMask platform.
Victims of crypto-related fraud loss, as per Action Fraud, lose an average of $25,000 – losses can be as low as USD 50 to as much as or over USD 1 million. It should be noted that traditional recovery processes involve civil litigation and instructing lawyers, and notices would be served to the exchanges for the freezing of accounts. However, users get overwhelmed by this process as it takes a lot of time. There isn’t a dedicated process for crypto dispute resolution. And the costs incurred could be in excess of USD 75,000. This shows that victims experience a lot of difficulties when they are trying to get sufficient resources and the attention of law enforcement.
Dan Finlay, the co-founder of MetaMask, says helping users investigate and recover lost funds is a strategic tool in a multi-faceted strategy. MetaMask is continuously executing – including improving security, user education, and new ways to support assets. Through the partnership with Asset Reality, and ConsenSys, MetaMask wants to enable victims to join forces, build cases against the scam operations and bring them to justice.