MetaMask, a browser-based Web3 wallet, cryptocurrency announced an initiative aimed at helping victims of scams and phishing attacks.
Cryptocurrency Wallet MetaMask Collaborated With Asset Reality Against Fraud
MetaMask has teamed up with London-based Asset Reality, which specializes in investigating and recovering stolen crypto assets.
According to the companies statement, Asset Reality will work as a litigation manager and will assist in investigating users if they are victims of fraud.
MetaMask’s support product manager, Alex Herman, said in his statement that MetaMask, which has 30 million monthly active users, received a large number of support requests due to fraud.
It has been stated that malicious people who organize phishing and social engineering attacks are behind the fraud methods.
Herman said:
“We wanted to have something to offer other than wishing users good luck when they get scammed. Therefore, partnering with Asset Reality gives users a way to start an investigation to track down their stolen funds and possibly provide a future recovery. That means there is at least a light at the end of the tunnel.”
Asset Reality, in its statement, said that the amount lost in crypto money scams is on average $ 25,000, but sometimes it can exceed $ 1 million.
Asset Reality, which works with cryptocurrency analysis company such as Chainalysis, said that they also use Blockchain analytics in fraud investigations.
When MetaMask users submit a report, Asset Reality will conduct an initial investigation that includes some Blockchain analysis, which will allow the user to understand what is going on.
Asset Reality CEO Aidan Larkin explained that the company will also act as an expert witness should the victim in question seek to contact a lawyer or join in a larger class action lawsuit.
*Not investment advice.