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MetaMask to help crypto fraud victims retrieve stolen assets

MetaMask
TL;DR Breakdown
  • Metamask partners with Asset Reality to enable crypto fraud victims to retrieve their stolen cryptos.
  • A Moonbirds NFT holder experienced a loss of 29 of his Ethereum-based Moonbirds earlier this week.

Metamask, developed by ConsenSys, has partnered with Asset Reality. The partnership will enable users to access and reclaim seized crypto and digital assets to combat crypto fraud. The union will provide help to victims of the MetaMask fraud and phishing attacks in their efforts to retrieve their valuables.

According to MetaMask, there are many phishing schemes and more targeted spear-phishing assaults. These are the primary sources of concern when it comes to the security of crypto wallet users. Mostly, scammers assume the appearance of a kind face and give clients help in navigating crypto’s technical jargon. The help is a scheme to dupe people into handing over their cash.

MetaMask plans to combine the information from many victims in the hope that this will lead to the fraudster’s identity. Besides, it aims to reduce the costs associated with recovering the stolen assets. However, victims must submit an investigative ticket before they may use the program.

MetaMask wallet might prove to be significant if the partnership stands time. Most victims will be able to retrieve their digital assets in case of scams.

Phishing attacks are a more common way that scammers use

Recent attacks include a hacker who posed as an Apple employee to steal $650,000 from a user of the crypto wallet MetaMask. Yet, people condemned Metamask’s response at the time. Metamask was to warn users whose data were vulnerable to hackers. The vulnerability was because their iCloud backups include their password-encrypted MetaMask vault.

A Moonbirds NFT holder lost 29 of his Ethereum-based Moonbirds earlier this week. The victim signed a faulty transaction on a false trading site that he accessed by clicking on a malicious link. The link led him to the website in question. Around 1.5 million dollars was the estimated value of these Moonbirds. The victim was an enthusiastic NFT (non-fungible token) collector and artist who was a member of the Proof Collective. The Proof Collective is an exclusive group with one thousand members. Despite the identification of the Con Artist, the only action taken was to file a report with the FBI. The scammer made away with everything, and the victim couldn’t salvage his NFTs.

MetaMask encourages crypto fraud victims to come forward

A cybersecurity analyst at MetaMask, Harry Denley, lamented that terrible people take advantage of the space.

Malicious actors are attempting to capitalize on a lucrative market because new customers are often upbeat.Besides, the market potential is exciting and promising. Yet, most clients are not experienced with having complete control of such valuable assets.

Harry Denley

He went on to say that cybercrime is a worldwide enterprise worth multiple billions of dollars. Moreover, he stressed the significance of hacking victims coming forward, regardless of how much money they lost.

Nonetheless, traditional recovery requires protracted civil action that is frequently expensive. Besides, it comes with no assurance of successfully recovering funds. Working with Asset Reality, Alex Herman claims that recovering cryptos is complex due to its “pseudo-anonymous” nature.

The regulation of the end-user and the use of decentralized systems have taken precedence in cryptocurrency. On the other hand, traditional methods prefer to make transactions reversible and freeze accounts. According to Herman, dishonest actors can also use unclear techniques to make it more challenging to track down stolen funds.

MetaMask will request all necessary information about phishing websites, vectors, and funds lost in the event of fraud. Also, Asset Reality will manage the matter for MetaMask’s users who have been victims of the scam. They will construct an inquiry into each fraud activity and drive any conversation with the users.

MetaMask and Asset Reality seek to protect users. They plan to enhance their platform’s educational tools and other available services. Besides, the recovery measures that are already in place.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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