New Delhi: Non-custodial crypto wallet MetaMask has inked a new strategic partnership with Asset Reality, an end-to-end solution for recovering, managing, and accessing seized crypto and complex assets.
MetaMask is a ConsenSys product and among the leading self-custody wallets. MetaMask and Asset Reality will be helping victims of scams recover their digital assets where possible.
The support will be available for all MetaMask users globally who have been victims of scams across MetaMask’s most active markets in the United States, the UK, the Philippines, India, Vietnam, Brazil, France, Germany and Nigeria.
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With the exponential economic growth of Web 3.0 in the last few years, the number of online scams and thievery has also increased along with new financial services and innovative applications.
How Asset Reality will help recover funds
According to Action Fraud, victims lose on average $25,000. However, the losses can be as low as $50 and sometimes may exceed $1 million.
Traditional recovery uses civil litigation, involving instructing a lawyer and serving information notices on exchanges to try and identify scammers or wallets they own when tracing funds or freezing those accounts.
However, it consumes a lot of time.
Victims of scams often have difficulty getting sufficient resources and attention from law enforcement. Asset Reality’s offering allows multiple victims of a scam operation to join forces and build a larger forensic investigation against a scam operation.
Asset Reality will be the case handler for MetaMask’s affected users. They will take the heavy lifting off the users to build an investigation into each scam operation, greatly increasing the likelihood of fund recovery and bringing scammers to justice.
Asset Reality services will be free to MetaMask users. However, users may need to cover legal costs should they decide that the route of recovery makes economic sense.
For victims whose legal costs are too high, MetaMask and Asset Reality will help them join forces with other victims as a group. There might indeed be hundreds of victims of the largest scam operations.
By providing identifiable information, a person who has been a victim of a lower amount has the opportunity to recover their funds if larger victims and ConsenSys pursue these larger-scale scam operations.
Dan Finlay, Co-Founder of MetaMask, said that helping users investigate and recover lost funds is a strategic tool in a multi-faceted strategy that the company is 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," he added.
Victims of scams will be able to benefit from the following 5 simple steps:
-A user experiences account compromise and/or funds loss typically through a phishing scam
-MetaMask support will intake the users and ascertain how they were compromised and if possible, request any relevant information regarding phishing websites, vectors, and funds lost.
-MetaMask support will provide safety tips on next steps for users and pass them to Asset Reality
-The MetaMask agent will direct the user to open a case with Asset Reality through a page on metamask.io.
-Asset Reality will take over communication with the users, and will proactively keep users updated on the status of their cases
How to stay safe on Web3
MetaMask is aware of the proliferation of scamming activities and is actively working on improvements to help prevent them. However, in Web3, the most important member of the security team is the user.
MetaMask is a non-custodial software that runs on users’ devices, similar to a web browser. Like a physical wallet in an individual's back pocket, MetaMask doesn't have any access to users' funds.
It is the responsibility of the wallet owner to never share their secret recovery phrase with anyone. Web3 belongs to everyone and we should all try to keep each other safe.
FAQs
MetaMask and Asset Reality will be helping victims of scams recover their digital assets where possible. New Delhi: Non-custodial crypto wallet MetaMask has inked a new strategic partnership with Asset Reality, an end-to-end solution for recovering, managing, and accessing seized crypto and complex assets.
Can MetaMask help recover stolen funds? ›
In the meantime, if you believe you have been the victim of a scam, hack, or other event that has led to loss of funds, please follow the steps here and get in touch with Support by hitting the chat button on the Support page.
What are the disadvantages of MetaMask? ›
What are the disadvantages of MetaMask? MetaMask is a hot wallet. That means it's connected to the internet at all times, which increases the security risk for your crypto. Unless you're trading, it's best to store your keys in an offline wallet.
How do I recover crypto from MetaMask? ›
Create a new MetaMask wallet on the new browser, browser profile, or mobile device. Write down the Secret Recovery Phrase in the correct order and store it someplace safe. Never give it to anyone. Go back to the compromised account and send any remaining funds to the newly created account.
Is MetaMask legal in the US? ›
Is MetaMask legal? Decentralized wallets like MetaMask are legal in the United States.
Who can recover stolen crypto? ›
Hire a Cryptohunter
Cryptohunters work with both cryptocurrency holders and law enforcement agencies to search for and recover misplaced, inaccessible or stolen cryptocurrencies. They use specialized software to generate millions of potential passwords, and tend to charge a flat fee.
How to recover stolen USDT? ›
To attempt recovery of stolen USDT, report the theft to authorities, document evidence, seek legal advice, trace transactions with experts, and network with other victims. Be wary of recovery scams and realistic about the chances of success.
What is more secure than MetaMask? ›
By comparing Exodus vs MetaMask overall scores, we clearly see that Exodus has the higher overall score of 7.1. MetaMask, on the other hand, has scored 6.6 final points. One of the best hardware cryptocurrency wallets ever made.
What is better than MetaMask? ›
Other important factors to consider when researching alternatives to Metamask include user interface and user experience. We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to Metamask, including Zengo Wallet, Coinbase Wallet, OKX, and Venly.
Is MetaMask safer than trust wallet? ›
In terms of security and privacy, Trust Wallet and MetaMask are both very secure and private wallets. Both wallets use encryption, recovery phrase backup, biometric authentication, etc. to safeguard your funds and data. Both wallets also do not require any personal information from their users.
To withdraw to another wallet, simply open the app, select “Actions,” and tap the “Send” button. Next, decide whichever cryptocurrency you want to withdraw and specify the amount. Finally, enter the receiving address and check everything is correct before you confirm the withdrawal.
What is the secret recovery phrase in MetaMask? ›
That problem is the fact that every user who wants to claim a self-custodial wallet with MetaMask needs to record a twelve-word Secret Recovery Phrase as they are onboarded. These twelve words form the crux of the MetaMask experience, generating the cryptographic keys that create the accounts holding valuable assets.
What is MetaMask recovery? ›
Your Secret Recovery Phrase (SRP) is a unique 12-word phrase that is generated when you first set up MetaMask. Your funds are connected to that phrase. If you ever lose your password, your SRP allows you to recover your wallet and your funds.
Can the IRS track MetaMask? ›
All your transactions on MetaMask will generally be public, all someone needs is your wallet address to view the transactions. Almost all blockchains - including Ethereum - are public ledgers. That means anyone - the IRS included - can view the transactions a given wallet has made.
What company owns MetaMask? ›
MetaMask is developed by ConsenSys Software Inc., a blockchain software company focusing on Ethereum-based tools and infrastructure.
What country is MetaMask from? ›
Originating from Brooklyn, New York, it may not be too surprising to see the crypto wallet being popular in the United States. Nevertheless, other countries from the around the world downloaded the app in 2022 - most notably Brazil, Indonesia, Russia, India, and Nigeria.
Can MetaMask reverse a transaction? ›
Can transactions on MetaMask or other cryptocurrency wallets be reversed? no. Transactions on metamask, saymatik wallet or any other wallet once sent to the nodes, cannot be reversed.
What happens if your crypto wallet is hacked? ›
There is no way to 'reset' a wallet phrase or add a password to it retroactively. Once it's compromised, it's compromised forever. Note: if an attacker stole all your ETH but left some tokens in the wallet, be careful about putting in ETH for gas to move those tokens out.
Can MetaMask wallet be traced? ›
IP tracking - If the Metamask wallet has been used on a public Wi-Fi network or other unsecured network, it may be possible to use IP tracking to attempt to locate the real-world location of the device used to access the wallet.
