Wednesday, June 7, 2023
HomeOpenseaOpenSea Now Auto-Detects and Blocks Stolen NFTs, Disables Scam Links

OpenSea Now Auto-Detects and Blocks Stolen NFTs, Disables Scam Links

in a nutshell

  • OpenSea, the top NFT marketplace by trading volume, has launched a new theft detection and prevention feature.
  • One feature detects and disables fraudulent links shared on the platform, while the other identifies stolen NFTs and blocks them from being resold.

theft is a big problem NFTs space, especially So-called “wallet drain” exploits Extract millions of dollars worth of assets from unsuspecting collectors. There is no way to undo these transactions on the blockchain.

when Stolen assets are resold For unsuspecting buyers, it only complicates matters further.

However Web3 Builders strive to minimize the chances of cryptocurrency scammers stealing and profiting from NFT sales, utilizing top marketplaces. high seas We aim to lead that charge.

Today, the company unveiled two new features designed to prevent users on its platform from inadvertently engaging in fraud and to prevent thieves from quickly turning over stolen assets.

One solution aims to prevent malicious links from appearing on OpenSea’s own platform, and is done via project descriptions or website icons. The tool automatically scans the links that users enter into the marketplace and his website, including links pointing to known scams and malicious code that could steal his NFTs from someone else’s wallet. Disable links that redirect clickers to

On the one hand, the tool relies on an extended blocklist that tracks identified exploits. But by simulating transactions via a wallet connection prompt on a linked website, it could go one step further and make OpenSea’s system a clue to a previously unidentified threat.

real user smart contract—that is, NFT and decentralized app (dapps) — For example, what happens when you sign a transaction behind an NFT mint purportedly hosted on its external website? Or looking for behavior.

Anne Fauvre-Willis, Vice President of Operations, Marketplace and Integrity at OpenSea, said: Decryption“Is this unreasonable to ask a third party site?”

In such event, OpenSea will disable the link and take action against the user who shared such link, including banning the account, deleting the NFT project created, and denying the asset transfer request.

Theft detection in OpenSea

Another new anti-theft measure from OpenSea goes beyond the limits of the market itself to minimize the impact after successfully stealing an NFT. This is a tool that automatically examines NFT transfers to identify those that may have been stolen by exploits and temporarily blocks those NFTs from being resold on OpenSea.

Previously, if an NFT was stolen, OpenSea primarily relied on the owner to report it as such. At that point, the marketplace had flagged him as an NFT and blocked resale. By that point, however, high-value or “good” NFTs were often sold to unwitting buyers. they I was stuck with an asset that could not be moved through the platform.

This unsurprisingly caused problems with some collectors, especially systems claiming they could operate, or with OpenSea claiming to be slow to respond to requests.of Marketplace made changes While it seeks to improve on that model, including requiring a police report to claim an NFT has been stolen, the new automated system seeks to take action more quickly.

According to Fauvre-Willis, the real-time system is in testing and is being rolled out initially through a limited pilot program, but it is based on “a number of industry data sources” and is being run as items are transferred between wallets. It states that it depends on both the type of procedure involved. Additionally, consider other actions performed by the wallet around the same time that may indicate malicious activity.

For traders worried about NFTs being flagged when legally transferring newly purchased assets from one wallet to another, Fauvre-Willis said OpenSea is also thinking about it. rice field. We want to keep the number of assets incorrectly flagged as low as possible.

“We are very much focused on the accuracy of this bucket rather than its width,” she explains, adding that the automated system will be gradually trained over the next few months before expanding to all users. “We’re very careful to strike a balance and try to make sure we have a very low false positive rate when doing this,” she added.

When an NFT is flagged as potentially stolen, it is frozen in OpenSea. In other words, you cannot resell there. OpenSea also emails the previous owner of the item to confirm if it was stolen. The NFT will be unfrozen on OpenSea if the previous owner says it has been legally transferred or if 7 days pass with no response.

However, just because OpenSea has flagged NFTs on its platform doesn’t mean blockchain assets are frozen everywhere. Current owners can always sell on another market without such restrictions.

That said, Fauvre-Willis hopes that OpenSea’s findings will be shared with other platforms in the future as the technology matures, potentially leading to similar anti-theft implementations elsewhere. increase.

step forward

high seas Previously Accused of Stolen NFT PolicyIn particular, buyers who purchased unknowingly swiped NFTs had to deal with the hassle of freezing it on the platform. I might add, but OpenSea’s hope is that the sale of stolen NFTs will eventually decrease.

of $13.3 billion startup There are other notable attempts to thwart thieves and prevent the sale of illicit NFTs. OpenSea works with wallet makers such as: meta mask and Coinbase Wallet shared information and best practices to combat fraud, and their copymint system has been upgraded to detect and remove counterfeit NFTs. Within seconds of casting.

Fauvre-Willis acknowledges that “confidence and security issues are never ending”, requiring constant evolution and new solutions as cryptocurrency scammers make use of new, ever more sophisticated exploits There is no doubt that it will be However, she suggests that these are all steps towards a more secure and reliable Web3 user experience for her.

“It probably has a different feel than other marketplaces. It’s important to follow the law and make this whole space safer,” Faubourg-Willis said. “Long-term, we frankly believe that without these investments, we cannot expect the space to grow and expand adoption.”

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