The downside of the growing popularity of crypto-currencies and especially decentralised finance is the increase in scams. The leading wallet provider, MetaMask, is not immune to this problem. Therefore, the announced partnership with Asset Reality appears to be a real evolution for the sector.
As a reminder, MetaMask recently surpassed 30 million monthly active users. The particularity of the portfolio produced by MetaMask is that it is non-custodial. In fact, the company has neither the private keys of users nor access to their funds.
According to the figures provided in the Asset Reality press release, victims of scams are robbed of an average of $25,000 while actual losses can vary between $50 and $1 million depending on the case.
Asset Reality is a solution for the recovery and management of stolen crypto-currencies. In fact, this strategic partnership aims to help, as much as possible, users who have seen their assets disappear.
MetaMask and Asset Reality offer a transparent and easy to use process
This assistance will be available to all MetaMask users worldwide who have been scammed, including the most active markets in the US, UK, Philippines, India, Vietnam, Brazil, France, Germany or Nigeria.
For a user to initiate the process, their account must have been compromised or their funds stolen. If this happens, the process devised by the partnership is as follows:
Firstly, the MetaMask helpdesk will contact users to review the file Secondly, the helpdesk will provide basic advice to the user before giving the file to Asset Reality Then, to facilitate the transition of the file, the user will have to open a file with Asset Reality via a page available on the MetaMask website Finally, Asset Reality will take care of the communication of the file with the users by keeping them regularly informed of the progress of the file
Asset Reality will be the case manager for affected MetaMask users, effectively relieving users of the burden of investigation while increasing their chances of finding the scammers and bringing them to justice.
A free service conceptualised on the collective action system
The fear of such a service is the difficulty of access for the less fortunate users. Traditionally, these scams require victims to go to court. Such a procedure entails costs in terms of time and money that some people cannot afford.
Therefore, the service offered through this collaboration will be free for all MetaMask users. However, when victims wish to initiate legal proceedings to recover lost funds, MetaMask and Asset Reality reserve the right to ask them to pay the legal fees.
To avoid limiting the use of this service, Asset Reality unveils a strategy drawn from the class action system present in the US legal system.
Here, victims will be able to join forces and build a common case when a similar scam causes their hack. Indeed, when they wish to go to court, MetaMask will facilitate communication between victims to help them quickly form a group.
Dan Finlay, founder of MetaMask, believes that this process is “part of a multi-faceted strategy the company is pursuing that includes improving security, educating users and finding new ways to safeguard assets.
However, this solution should not absolve users from being vigilant in keeping private keys to their wallets.