Tuesday, September 26, 2023
HomeOpenseaOpenSea NFT Marketplace Faces Legal Action for Alleged Lack of Security

OpenSea NFT Marketplace Faces Legal Action for Alleged Lack of Security

A non-fungible token (NFT) collector has filed a lawsuit against the OpenSea NFT Marketplace for a number of alleged violations. One of them is that he fell prey to phishing and has been unable to access his account for over three months. Diagram. “It took over 48 hours for them to reply. By then, the stolen items were already being sold at heavily discounted prices as buyers prioritized speed over value.”

Additionally, the NFT Marketplace took action and locked his account to prevent further damage.

Akers, on the other hand, claims that this is not the answer he was looking for. “Despite my continued demands to release my assets, OpenSea held my assets for ransom for almost three months,” he said. In addition to this, the investor claims that OpenSea asked him to provide a false statement under oath in order to unlock his account.

NFT investors are of the opinion that the market should be held responsible for the losses incurred during the period in question.

Acres believes the damages assessed as a result of OpenSea’s actions total $500,000.

As a result, Acres sought the assistance of an attorney to file a lawsuit against OpenSea.

Our attorney confirmed that we have several clients suffering from the same problem.

Schaefer elaborates:

In some circumstances, OpenSea may take responsibility for mistakes and reinstate the account holder.

Otherwise, OpenSea chooses to ignore the problem.

Apart from this, the lawyers offered the following views: consumer. The alleged theft occurred outside of OpenSea and the product was sold before OpenSea was aware that the crime was reported. As soon as we became aware of the situation and received notice, we disabled the product in question and the user’s account has been unlocked ever since. ”

Additionally, the platform said it has invested in equipment and employees to prevent and identify theft and stop reselling anything stolen through the platform.

The NFT Marketplace implemented new regulations on stolen goods on August 11, 2022, intended to incorporate and expand the use of police records.

In response, many users took to Twitter claiming that OpenSea was unable to help recover the stolen NFTs.


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