As a result of the new partnership, victims will be able to join forces and split the litigation costs together against scam operations.
To help users regain stolen assets, Metamask partnered with Asset Reality, a platform for accessing and retrieving seized crypto and digital assets. The service is free of cost, but users need to pay appropriate litigation fees.
Retrieving Stolen Crypto
Metamask is the biggest non-custodial wallet accessed by global users with more than 30 million active users. Because of this cases of fraud and phishing have increased. Tackling scams concerning stolen assets has been extremely difficult because Metamask doesn’t have access to the users’ funds. Due to cryptocurrency’s decentralized nature, it is very difficult to track and retrieve stolen funds.
The partnership seeks to help users to retrieve their digital assets, with Asset Reality accountable for investigating the scam operations. Metamask users across the globe will be able to access the product.
Asset Reality said that in the traditional method victims have to pay a large sum of litigation fees in the complicated process. To change all this, the company will band the victims into a group to seek joint action. By this method, even users with a small loss could potentially retrieve their assets.
Recovery steps
Firstly to start an investigation, victims must first report their losses to Metamask. Secondly, Metamask’s customer support team will verify all the details about the incident, including the amount of the lost funds, information about appropriate phishing websites, etc. after that 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.
Metamask offers its services for free, but victims who wish to pursue legal action must pay their legal fees.