MetaMask Plans to Help Victims of Crypto scam

The popular browser-based crypto wallet has decided to come to the aid of its users by trying to help victims of crypto scams.

Great News🎉: MetaMask, the browser-based wallet for traversing the Web 3, may now assist victims of cryptocurrency frauds and phishing assaults in recovering their stolen funds — or at least attempting to.

❓ How, you ask?

It will be partnering with London-based Asset Reality, a crypto asset recovery expert who investigates and recovers stolen crypto assets. It will act as a case handler and help MetaMask users around the globe build an investigation in the event they fall victim to fraud.

MetaMask, which now boasts over 30 million monthly active users, sees a good deal of ticket requests relating to losses, many of which involve malicious actors conducting phishing attacks or orchestrating social engineering of some sort, said Alex Herman, MetaMask’s support product lead.

In the words, of Alex Herman 👨🏻, …..

“We wanted to offer something to users beyond a handshake and good luck at the end of our interaction. So, partnering with Asset Reality gives users a way to start an investigation to try and track down their stolen funds and possibly lead to a recovery down the line. It means there’s at least some light at the end of the tunnel.”

💡 According to Asset Reality, the average amount lost in a crypto scam is eye-watering $25,000, although it can occasionally exceed $1 million. Blockchain analytics are used as part of the recovery process (Asset Realty works with several crypto sleuths, including Chainalysis).

It won’t be a walk in the park 🚶🏻‍♂️….

It won’t be that easy though, a lot of work will need to be done to commence civil litigation, which usually involves lawyers, serving information notices on exchanges, and so on, said Aidan Larkin, CEO of Asset Reality.

When a MetaMask user submits a report, Asset Reality conducts an initial inquiry, which includes blockchain analytics, to give the user a better understanding of what has occurred. According to Larkin, the recovery firm also works as an expert witness if the user wishes to be connected with a lawyer or join a bigger class action.

In the words, of Aidan Larkin👨🏻‍🦳 (CEO of Asset Reality),….

“This is about people being able to make that initial report and being able to pursue their case with trusted partners. ….We’re not saying you’re going to get your funds back tomorrow. These are civil litigation cases and very complex, but there will be those opportunities where we can identify stolen assets sitting on platforms around the world, who will collaborate and work together to legally get these assets back to the victim.”

Final Thoughts… 💤

It is quite reassuring to know that Metamask does not only care about the safety of its user’s assets but also wants to help out if and when these assets get stolen. This will certainly help foster confidence amongst its users and those who are considering using its platform.

Although, it will be a long and complex process.

Let’s see how it plays out!!! 👋🏻

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