MetaMask, a browser-based wallet for Web3 transactions, has announced plans to help victims of crypto fraud and phishing scams retrieve their funds.
Asset Reality, a cryptocurrency asset investigation and retrieval specialist will handle this task and assist MetaMask users worldwide in investigating their cases whenever they fall victim to a scam.
MetaMask has recorded a large number of ticket requests regarding losses. According to MetaMask’s support product lead, Alex Herman, most of these losses were caused by fraudsters carrying out phishing attacks or peddling various forms of social engineering.
Herman stated in an interview, “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 recovery down the line. It means there’s at least some light at the end of the tunnel. ”
According to Asset Reality, an average of $25 thousand is lost in a crypto scam. This figure can occasionally go beyond $1 million. Blockchain analytics is one of the methods used in the recovery process.
According to Aidan Larkin, CEO of Asset Reality, the recovery process also includes traditional heavy lifting to kickstart civil litigation. This procedure necessitates the professional support of lawyers who will serve information notices on exchanges.
Asset Reality’s recovery service does not aim to earn any commissions from the recovered funds. Once a MetaMask user reports a scam, Asset Reality will conduct an initial investigation using blockchain analytics. According to Larkin, this will assist the user in comprehending what occurred. Asset Reality can also serve as a witness if the user needs to be connected with a lawyer.
In an interview, Larkin said, “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, and who will collaborate and work together to legally get these assets back to the victim. “
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