Blockchain

MetaMask To Offer Support for Scam Victims in Partnership With Asset Reality

The strategic partnership will focus on digital asset recovery.

Blockchain

MetaMask To Offer Support for Scam Victims in Partnership With Asset Reality

The strategic partnership will focus on digital asset recovery.

MetaMask announced today, May 26, that it will soon offer support and recovery of digital assets for scam victims in the Web3 space. The service will be made possible in partnership with MetaMask, ConsenSys’ leading self-custody wallet, and Asset Reality. While this is an industry-first offering, MetaMask has been a long-time proponent of educating and protecting Web3 users from fraud.

The platform has launched the strategic partnership with Asset Reality in response to economic growth in the Web3 space and with it increased fraud from bad actors. The companies will aim to help victims of scams in the recovery of their digital assets wherever possible. The service will be available for all MetaMask users globally, including its most active markets like the US, UK, Philippines, and more.

MetaMask shared that according to Action Fraud, victims of digital asset scams lose on average $25 thousand USD, with the range being as low as $50 USD to extreme cases exceeding $1 million USD. It also noted that traditional asset recovery solutions often require too much funding and time to be successful in digital asset cases.

“Helping users investigate and recover lost funds is a strategic tool in a multi-faceted strategy that we are continuously executing that includes improving security, user education and new ways to back up assets,” said Co-Founder of MetaMask Dan Finlay, adding that through partnership with Asset Reality, “ConsenSys and MetaMask want to allow victims to join together, build cases against these scam
operations and bring them to justice,” no matter how small the case.

The support service will be free to MetaMask users, however, users that wish to pursue litigation may need to cover legal costs should they decide asset recovery makes economic sense. To solve the issue of high legal costs for individuals, the service will offer help to victims as a group, for example, victims of broad phishing schemes like that of the Beeple hack earlier this week.

In other Crypto news, a deepfake cryptocurrency scam of Elon Musk goes viral.

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