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MetaMask and Asset Reality have established a partnership to combat cryptocurrency scams. Crypto fraud is very rampant due to the decentralized nature of cryptocurrencies. Sometimes, hundreds of people can fall victim to these fraudsters. Most of the time, they have no choice but to forego the money that was taken from them since it is extremely difficult to trace and reclaim stolen funds. To help battle this, Metamask, a popular non-custodial cryptocurrency wallet, has joined up with Asset Reality to offer assistance in recovering funds that have been fraudulently taken from victims of cryptocurrency scams. [embed]https://twitter.com/MetaMask/status/1529862895617466368?t=ah3lk3qRDYTB8MMNuQgX2A&s=08[/embed] Asset Reality is a platform for recovering confiscated crypto and digital assets. One of its goals is to allow victims of scams to join forces with one another, so that a broader inquiry can be conducted on behalf of all of the victims. Asset Reality services will be free to MetaMask users. All MetaMask customers who have fallen victim to scams in the most active MetaMask markets will be able to get assistance. Users can open and report cases easily through Metamask and Asset Reality will take over communication with the user. An extensive investigation will be carried out, and as it moves forward, regular updates on the state of the case will be provided to those involved.
Rise in Crypto Fraud Cases
The number of people using cryptocurrencies is increasing at a fast rate, and many online criminals are beginning to engage in the cryptocurrency market as well. This can pose a barrier to widespread adoption of cryptocurrencies. According to a report published by Chainalysis, criminal activity related to cryptocurrencies reached a new all-time high last year. During the course of the year, illicit addresses received a total of $14 billion, which is an increase from the total of $7.8 billion in 2020.