On May 26, Metamask, a cryptocurrency wallet, announced a partnership with Asset Reality, a platform for accessing and retrieving confiscated crypto and digital assets, to assist users in recovering stolen funds. Customers must pay any necessary litigation fees, which are not included in the service.
MetaMask announced the partnership on Twitter:
The Recovery
With over 30 million monthly active users, Metamask is one of the most popular non-custodial wallets in the world. However, as cryptocurrency’s popularity has grown, so has the number of fraud and phishing attempts aimed at early adopters. Scams involving stolen assets have been particularly difficult to combat because Metamask does not have access to users’ cash. The decentralised nature of cryptocurrency, which is based on pseudo-anonymity and immutability, has made it difficult for entities to track and recover stolen cash.
According to the official release, the new cooperation intends to assist users in recovering their digital assets, with Asset Reality in charge of researching scam operations. The new service will be available to all Metamask users across the world. According to the press release, to begin the recovery procedure, victims must report their losses on the official Metamask portal.
Aidan Larkin, Metamask’s CEO, commented the following on the partnership:
“When a user’s funds are taken, frequently as a result of being duped into passing over their passwords or secret recovery phrase, they often have nowhere to turn in an emotionally and financially trying time.”
According to Asset Reality, the usual system demands victims pay a significant amount of litigation fees during the lengthy litigation process. Victims will be brought together by the firm to pursue collective action in an attempt to change how things are done. Even users who have suffered a minor loss may be able to reclaim their possessions.
How to Recover?
Victims must first disclose their losses to Metamask before the investigation can begin. Second, Metamask’s customer support team will keep track of all the data surrounding the occurrence, such as the amount of money lost, information about potential phishing sites, and so on. The cases will then be passed on to Asset Reality, which will keep the victims informed about the status of their case as the investigation develops.
It’s worth emphasising that, despite the fact that the service is provided free of charge to Metamask users, victims who wish to pursue legal action must pay for their legal bills.
It’s worth emphasising that, despite the fact that the service is provided free of charge to Metamask users, victims who wish to pursue legal action must pay for their legal bills.
Read more: MetaMask joins hand with Moonpay to offer Ethereum in crypto wallet by using fiat currency
