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To assist users in recovering stolen funds, Metamask has partnered with Asset Reality, a platform for accessing and recovering seized crypto and digital assets. The service is free, but customers must pay any applicable litigation fees.
The new collaboration has the potential to make legal action against scammers considerably easier for victims, as they will be able to pool their resources and split the costs of litigation.
MetaMask’s initiative to assist victims
Metamask is one of the most popular non-custodial wallets in the world, with over 30 million monthly active users. However, as cryptocurrency’s popularity has grown, so has the number of frauds 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 decentralized 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.
All Metamask users throughout the world will be able to use the new service. Victims must report their losses through the official Metamask site, according to the press release.
Aidan Larkin, the company’s CEO, saw the relationship as a critical step toward closing a gap in the sector:
“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.”
According to Asset Reality, the usual system demands victims to pay a significant amount of litigation fees during the lengthy litigation process. The company will bring victims together to pursue collective action in order to change how things are done. In this approach, even users who have suffered a minor loss may be able to reclaim their possessions.