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MetaMask has tapped digital asset recovery specialist Asset Reality to assist users who lose crypto funds to cyber attacks.
Crypto wallet MetaMask is partnering with Asset Reality, a London-based investigative finder of stolen crypto assets, to help users recover stolen digital assets. This partnership is the first of its kind in the crypto industry and is an attempt to improve global digital assets recovery.
The MetaMask-Asset Reality initiative will be free of charge. However, users would need to pay litigation fees. Users can also form a collective to reduce the litigation fees by splitting expenses.
The Need to Address Incessant Cyber Attacks on Digital Assets
MetaMask felt led to start a digital asset recovery scheme after constantly receiving many requests from users who lost funds to cyber attacks. Speaking on providing succor to its more than 30 million active monthly users, MetaMask’s head of support, Alex Herman, explained:
“We wanted to offer users something beyond shaking hands and wishing them good luck. So, the partnership with Asset Reality gives users the opportunity to launch an investigation to try to trace the stolen funds and possibly recover them in the future. It means there is at least some light at the end of the tunnel.”
In addition, Asset Reality’s CEO Aidan Larkin also commented on the relief provided by his platform’s collaborative efforts with MetaMask. Aidan continued by emphasizing how important this step was in the industry for users who have their crypto funds stolen. Hinting at the bleakness that existed before crypto-asset recovery became a reality, the Asset Reality chief executive said:
“When a user has funds stolen, often due to being scammed into handing over their passwords or Secret Recovery Phrase, they often have nowhere to turn to, in what is an incredibly difficult time for them emotionally and financially.”
According to Asset Reality, the average amount lost in a crypto scam is around $25K. But the leading end-to-end asset recovery solution also stated that the stolen value could sometimes exceed $1 million.
Asset Reality explains that this applies only if the scam victims decide to pursue restoration of their stolen assets.
“While our services will be free for MetaMask users, they may still be required to cover legal costs if they decide a restoration makes economic sense to them,” said teh company.
In addition, Asset Reality also suggested victims can “join forces and take collective action by building a much larger judicial investigation.”
Part of the recovery process entails the use of blockchain analytics. This may explain why Asset Reality has partnerships with several crypto detection and analysis firms, including Chainalysis.
MetaMask-Asset Reality Recovery Process Steps
The steps toward recovering digital assets are a simple 4 or 5-phase process. Users begin by reporting their losses to MetaMask to initiate an investigation. Afterward, MetaMask’s support team will note all incident details, including lost funds and breach method. Following this, MetaMask will direct the user to open a case with Asset Reality via a designated channel. Users will also receive updates on the channel as the investigation unfolds.