Advantages of the LiteBit wallet

Written by Robert Steinadler a month ago

MetaMask introduces a new security feature to recover funds

Theft has been a problem in crypto ever since its beginning. As soon as a hacker has gained access to a wallet or is able to exploit a protocol, crypto becomes vulnerable. All transactions are final, which means that the victims cannot get their assets back. But this situation is about to change partially since MetaMask is partnering with Asset Reality.

What does this partnership look like and how can crypto assets that have been stolen be recovered?

MetaMask is protecting its users

MetaMask is one of the largest non-custodial wallets available on the market and has over 30 million active users per month. This means that the wallet provider has no direct access to the user’s funds and the level of security is determined by the user’s experience in handling a wallet and the risks.

The new service partnership aims to recover stolen funds by tracking them down. Oftentimes users don’t know to whom they can turn and the ability of the police to handle these cases might differ drastically depending on the country the victim is living in. The new service on the other hand will be available globally and to all MetaMask users.

An investigation is the first step

Victims first need to file a report to MetaMask and provide details of their case. The wallet provider will check the case and pass it on to Asset Reality which will not only keep victims updated on the status but also initiated investigations.

This has some advantages because many victims often fall for the same scam or phishing attack. Bundling their cases promises a higher chance for success when cooperating with authorities internationally. While the service is free it is worth mentioning that customers have to pay litigation fees if they like to pursue legal actions.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 70+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

App StoreGoogle Play Store
App StoreGoogle Play Store
download-app