Metamask crypto wallet partners with Asset Reality – a seized crypto and digital asset access and recovery platform, to help users recover stolen assets. The service is free, but users must pay the corresponding court 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 tasked with investigating scam operations, according to the official announcement. The new service will be available to all Metamask users worldwide. Victims, the statement said, should report their losses through the official Metamask platform to initiate 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’s funds are stolen, often because they have been scammed into handing over their recovery passwords or passphrase, they often have nowhere to turn, in a incredibly difficult time for him 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.
Recovery steps
First, victims must report their losses to Metamask and then initiate the investigation. Second, Metamask’s customer support team will document all details regarding the incident, including the amount of funds lost, information about relevant phishing websites, etc. Then, the wallet provider will forward the cases to Asset Reality, who will keep 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.
