MetaMask To Assist Victims of Crypto Scams Retrieve Stolen Assets

To combat cryptocurrency fraud, ConsenSys’ self-custody wallet MetaMask has partnered with Asset Reality, a platform for accessing and retrieving stolen crypto and digital assets. The two firms will work together to help MetaMask scam and phishing victims reclaim their funds.

According to MetaMask, the primary security issues for crypto wallet users are wide phishing schemes and targeted spear-phishing attacks.

We’ve partnered with @metamask!

We’ll be helping victims of crypto-related fraud to recover their stolen digital assets in an industry-first approach to improving virtual asset recovery.

Read more about this exciting new partnership: https://t.co/WBdRjWp1W0@Consensys #crypto

— Asset Reality | Techstars ‘21 ? (@asset_reality) May 26, 2022

The most popular way for bad actors to appear as a nice face offering to help customers handle crypto’s technical jargon and deceive people into turning over their assets is to pose as a friendly face promising to help them navigate crypto’s technical jargon.

MetaMask’s approach is to pool information from a lot of victims in the hopes of identifying the scammer and reducing the expense of retrieving stolen assets. Victims must submit a ticket for investigation in order to access the service.

MetaMask’s approach is to pool information from a lot of victims in the hopes of identifying the scammer and reducing the expense of retrieving stolen assets. Victims must submit a ticket for investigation in order to access the service.

29 Moonbirds were just stolen in a hack.

~750e (~$1,500,000) in value lost by clicking on a bad link.

Sickening seeing stuff like this. Let this be a reminder to never ever click on links and to bookmark the marketplaces/trading sites that you use. pic.twitter.com/7iWO5LMovL

— Cirrus (@CirrusNFT) May 25, 2022

A Moonbirds NFT holder lost 29 of his Ethereum-based Moonbirds, worth roughly $1.5 million at the time. After signing a fraudulent transaction on a fake trading site he accessed visiting a malicious link given by a fraudster. The victim was a member of the Proof Collective, a private community of 1,000 collectors and artists committed to non-fungible tokens (NFTs). Despite the fact that the scammer had been identified, only an FBI report had been filed.

Traditional recovery, on the other hand, entails protracted and frequently expensive civil litigation with no promise of financial recovery. Digital asset recovery is difficult, according to Alex Herman of Asset Reality, due to the cryptocurrency’s “pseudo-anonymous” and “immutable” nature.

In addition to the recovery measures in place, MetaMask and Asset Reality want to protect users by increasing their education tools and products on their platform.