Crypto Scam Victims to Recover Their Funds with MetaMask's New Collaboration

ConsenSys' MetaMask, the most popular noncustodial cryptocurrency wallet for Ethereum (ETH) and EVM-compatible blockchains, partners with asset tracking pioneer Asset Reality to allow crypto scam victims to recover their losses.

MetaMask partners with Asset Reality, proposes solution to help scam victims

According to the official statement shared by ConsenSys, its leading wallet, MetaMask, has entered into a partnership with tracking team Asset Reality. The two teams will elaborate a new mechanism to assist victims of crypto scams in recovering their losses.

Today we're happy to announce that we’ve partnered with Asset Reality (@asset_reality) to give victims of cryptocurrency scams a chance at recovering funds that have been stolen.

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— MetaMask ?? (@MetaMask) May 26, 2022

With the new mechanism, Asset Reality will assist multiple victims of this or that malicious campaign to join forces and initiate a larger forensic investigation against scammers.

As such, Asset Reality will act as a case handler: with the coordinated interaction of many victims, the likelihood of fund recovery significantly increases.

While the services are basically free for users, some victims may need to cover legal costs. At the same time, Asset Reality and MetaMask will help large-scale victims to recover their expenses and coordinate others.

MetaMask easily flags crypto scammers, here's how

Dan Finlay, co-founder of MetaMask, highlights that the new collaboration will significantly advance the overall level of security in the global Web3 ecosystem:

Helping users investigate and recover lost funds is a strategic tool in a multi-faceted strategy that we are continuously executing that includes improving security, user education, and new ways to back up assets. Through this industry-leading partnership with Asset Reality, ConsenSys and MetaMask want to allow victims to join together, build cases against these scam operations and bring them to justice. It’s really important that victims of hacks come forward, no matter how small.

As covered by U.Today previously, MetaMask sucessfully identifies scammers and prevents cryptocurrency users from losing their funds.

When crypto users visit a scammy website and it tries to access their MetaMask wallet, it displays the banner page designed to warn crypto holders about the scam.