Crypto wallet Metamask is partnering with Asset Reality – a platform for accessing and recovering seized crypto and digital assets, to help users recover stolen assets. The service is free of charge, but users need to pay relevant litigation fees.
Recovering Stolen Crypto
Metamask, with over 30 million monthly active users, is one of the largest non-custodial wallets accessed by global users. The rise of popularity, however, has led to increasing cases of scams and phishing targeting early crypto users. Since Metamask doesn’t have access to users’ funds, tackling scams involving stolen assets has been particularly challenging. Cryptocurrency’s decentralized nature – based upon pseudo-anonymousness and immutability – has made it difficult for entities to track and recover the stolen funds.
The new partnership aims to help users recover their digital assets, with Asset Reality responsible for investigating the scam operations, according to the official announcement. The new service will be available for all Metamask users globally. Victims, the release noted, need to report their losses through the official Metamask platform to kick off the recovery process.
The company’s CEO Aidan Larkin considered the partnership as an important step in filling up the loophole in the industry:
“When a user has funds stolen, often due to being scammed into handing over their passwords or Secret Recovery Phrase, they often have nowhere to turn to, in what is an incredibly difficult time for them emotionally and financially.”
Asset Reality stated that the traditional procedure requires victims to put down a considerable sum of litigation fees in the involved litigation process. To change how things are done, the company will bring victims together – banding as a group – to pursue collective action. In this way, even users with a small loss could potentially recover their assets.
Steps for Recovery
Firstly, victims need to report their losses to Metamask and then initiate the investigation. Secondly, Metamask’s customer support team will document all the details regarding the incident, including the amount of the lost funds, information about relevant phishing websites, etc. Then the wallet provider will pass the cases to Asset Reality, which will keep the victims updated on the status of their case as the investigation progresses.
It’s worth noting that despite the service being offered free to Metamask’s users, victims who want to pursue legal actions need to pay for their litigation fees.