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MetaMask is Now Helping Users Recover Lost Digital Assets from Scams

MetaMask is Now Helping Users Recover Lost Digital Assets from Scams

MetaMask, a browser-based wallet, has developed a way for users to recover their lost assets after being attacked by phishing or crypto scams. Through a partnership with London-based Asset Reality, MetaMask users can now get in touch with a case handler to help them recover their stolen assets.

Recovering Lost Crypto

As the number of users of MetaMask continues to grow, the company sees a steady increase in the number of ticket requests related to losses. These requests are typically triggered by malicious actors who carry out social engineering or phishing attacks, according to Alex Herman, the Metamask support product lead.

“We wanted to offer something to users beyond a handshake and good luck at the end of our interaction,” said Herman. “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 that crypto fraudsters lose in a scam is around $25,000. However, this can sometimes reach $1 million. Asset recovery firms often utilize blockchain analytics to recover assets. These include Chainalysis and Asset Reality.

According to Aidan Larkin, the CEO of Asset Reality, the traditional process of filing a civil lawsuit usually involves lawyers. He also noted that the firm typically serves information notices on exchanges. Through MetaMask, Asset Reality was able to provide a helping hand to its users. However, it did not claim to have a share of the recovered assets.

A Helping Hand

After a MetaMask user submits a report, Asset Reality will investigate the data collected by the platform. This process will provide the user with an understanding of what happened. According to Larkin, a recovery firm can act as an expert witness for users who want to connect with a lawyer or participate in a class action.

“This is about people being able to make that initial report and being able to pursue their case with trusted partners,” Larkin said in an interview. “We’re not saying you’re going to get your funds back tomorrow. These are civil litigation cases and very complex, but there will be those opportunities where we can identify stolen assets sitting on platforms around the world, who will collaborate and work together to legally get these assets back to the victim.”

Advancing Web3

According to Larkin, the project’s goal is to make it easier for people to respond to a crypto attack by providing them with a variety of tools and resources, such as a dedicated help desk. He believes that the MetaMask project could serve as the first step toward a more secure version of Web3. He also believes that it could help people respond faster and more efficiently to financial attacks.

Meanwhile, advances are still being made to grow Web3 and level up on decentralization. Presearch is a Web3 alternative to Google that allows users to search for anything they want on the Internet. Users can also find videos and images on various websites.

This Web3 version search engine also comes with a unique feature that allows users to receive PRE tokens every time they look something up. Presearch’s mainnet was launched today, which means that the company will now have its blockchain network. Notably, it had previously been running on Ethereum. The company’s market cap is currently around $45 million, and the price of its PRE token is over $0.11. With the launch of the mainnet, Presearch’s potential is immense.

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