Even if you have been in the NFT space for the slightest amount of time, you would have come across various scams ranging from stolen NFTs and seed phrases to large-scale Discord hacks. Things may get better as ConsenSys’ MetaMask enters into a strategic partnership with UK financial services company, Asset Reality. Together, they will give victims a fighting chance to recover their stolen funds.
MetaMask x Asset Reality: Taking care of the community
MetaMask is constantly improving security, user education, and finding new ways to back up assets.
When it comes to crypto scams, there is usually no specific agency to go to in most countries. Being one of the leading self-custody wallets in the crypto and NFT space, MetaMask is working to provide a safer digital economy. As much as they try to warn and protect users, the scammers always seem to be one step ahead. The MetaMask and Asset Reality partnership will now use an alternative solution to help the community.
Asset Reality will act as case handlers on behalf of MetaMask. Their services are available globally, including in some of the most active crypto markets. Currently, this service will be free to MetaMask users unless there is a need to take legal action. In such cases where pursuing legal action makes the most economic sense, victims will have to cover the legal costs.
However, if the legal costs are too high for said victims, Asset Reality will help them to join forces and pursue collective action as a group. Sometimes, especially in larger scams, there may be many victims. Therefore, banding together will give them a much higher chance of succeeding in the crypto asset recovery cases.
How can you ask for their assistance?
If a user, unfortunately, experiences a loss of funds or an account compromise, this can be a solid first option. The MetaMask support team will intake the users and ascertain how they were compromised. This is where the users need to provide any relevant information regarding phishing websites, vectors, and funds lost. The more information the team has to work with, the better the chances.
The team will then provide safety tips on the next steps for users and pass them to Asset Reality. Users will be able to open a case with Asset Reality through the MetaMask platform itself. From there, Asset Reality will take over communications with the users. They will also proactively keep users updated on the status of their cases. In addition, companies can also contact them directly to learn more about their services.
Dan Finlay, Co-Founder of Metamask, stresses the importance and urges all victims to come forward, no matter how small the amount. Any case can reveal or be the starting point of a wider investigation. This can create the opportunity to aggregate claims to commence potential legal action.
Aidan Larkin, Asset Reality’s Co-Founder & CEO echoes this sentiment and is proud to partner with ConsenSys and MetaMask to be there for users in what can be their most difficult times, emotionally and financially.