Wednesday, September 27, 2023
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OpenSea introduces new stolen item policy to combat NFT theft

Asset theft remains one of the biggest headaches. Non-Fungible Token (NFT) OpenSea, an NFT marketplace, is working to adjust its policies to incorporate additional measures against stolen goods.

In its announcement, the company emphasized that its policy was created in view of U.S. law that prohibits knowingly allowing the sale of stolen goods. Admitted In some cases, buyers who unknowingly purchase stolen goods may be penalized even through no fault of their own. Due to this and feedback from the NFT community, the marketplace has adjusted its policies to expand its use of police reports.

Previously, police reports were used within the platform in escalated disputes. With the new update, it will be used to review all stolen property reports within the NFT platform. If no report is made to the police within 7 days, the platform will re-enable the trading of reported items to avoid false reports. Following this, the company has also made efforts to ease the process of re-enabling the buy and sell feature after stolen items have been recovered.

The NFT platform also emphasized that it is working to find other solutions to solve the problem of NFT theft from the ground up. According to the announcement, the company is working to automate threat and theft detection.

Twitter user admired He described the move as a good first step and encouraged other platforms to follow suit while suggesting that they consider the nuances of other countries’ laws as well. Community members are frustrated and have reported issues on Twitter. User wrote:

meanwhile another user claimed Having unknowingly purchased the stolen NFT, OpenSea support staff recommended that the user sell it on another NFT marketplace.

Related: Hackers Taste Their Own Medicine As Community Recovers Stolen NFTs

June, NFT platform Enabled additional security features Protect users from NFT fraud. This feature automatically hides NFT transfers flagged as suspicious. The purpose of this is to ensure that only legitimate trades appear on the market.