- L Misthos and M Bacina
MetaMask making scam recovery simpler
Victims of scam, fraud and phishing attacks have been offered a helping hand by popular Ethereum wallet provider, MetaMask. The browser wallet, used to interact with the Ethereum blockchain, has engaged Asset Reality, a London-based company that specialises in investigating and recovery of stolen crypto.
Asset Reality will handle cases reported to MetaMask and help users investigate the nature of the attacks and track, trace and attempt to recover funds. Users are required to fill out a form on the MetaMask website, once filled out recovery strategies will be offered by Asset Reality.
The news by MetaMask comes during an important time for the crypto industry. While innovative projects blossom, the looming uncertainty of digital security remains. Notwithstanding the transparency of blockchain technology, it remains paramount that prudent attention is given to potential scams, such as the attack on Yung Labs.
With 30 million active monthly users, MetaMask has encountered a range of attacks which support product lead Alex Herman thinks should be addressed:
We wanted to offer something to users beyond a handshake and good luck at the end of our interaction. So, partnering with Asset Reality gives users a way to start an investigation to try and track down their stolen funds and possibly lead to a recovery down the line. It means there's at least some light at the end of the tunnel.
According to Asset Reality, the average amount lost in a crypto scam is USD$25,000 but can also exceed millions in aggregate, as was seen when the US Department of Justice seized USD$28 million of cryptocurrency from a hacker.
The partnership aims to provide customers with an assurance that even if their wallet is compromised, there may be recourse for recovery. Although this safety net exists, it is vital to remember the importance of being vigilant online and not engaging in anything suspicious.