Home Cryptocurrency MetaMask’s Plan to Help Victims of Crypto Scams

MetaMask’s Plan to Help Victims of Crypto Scams

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The browser-based wallet for navigating the world of Web 3, MetaMask can now help victims of phishing attacks and crypto scams to recover their lost assets.

The companies said on Thursday, a specialist when it comes to investigating and recovering stolen crypto assets, London-based Asset Reality will act as a case handler and assist MetaMask users around the world to investigate in the event they fall victim to fraud.

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

“We wanted to offer something to users beyond a handshake and good luck at the end of our interaction,” said Herman in an interview. “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.”

On average $25,000 is lost in a crypto scam, according to Asset Reality, but the amount can sometimes exceed $1 million. Part of the recovery process involves blockchain analytics (Asset Reality works with a number of crypto sleuths, including Chainalysis).

When a MetaMask user makes a report, Asset Reality carries out an initial investigation involving some blockchain analytics, to provide a better understanding of what has happened to the user. If the user wants to be connected with a lawyer or get together into a larger class action, the recovery firm also acts as an expert witness, Larkin explained.

“This is about people being able to make that initial report and being able to pursue their case with trusted partners,” Larkin said in an interview. “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.”





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