high seas The world’s largest NFT market, announced in a blog post Wednesday, is piloting a system to freeze trading in non-fungible tokens (NFTs) involved in questionable sales while the trades are reviewed to prevent theft and fraud. To do.
See related articles: Despite tailwinds, NFT sales fall for 6th straight month
quick facts
- The platform’s new automated system alerts sellers when it detects suspicious NFT sales, giving users a week to dispute or confirm the transaction before the asset can be sold by the new owner. .
- According to OpenSea, malicious actors attempt to flip stolen NFTs after exfiltrating victims’ assets via fake airdrops or malicious links that claim to offer free mints.
- More than US$100 million worth of NFTs were stolen between July 2021 and July 2022, according to Crypto Analysis Company Elliptic.
- Saurabh Sharma, Head of Search Products at OpenSea, said fraud and theft are one of the biggest barriers to widespread adoption of NFTs.
- OpenSea has the ability to stop the resale of stolen NFTs, but the company said it cannot guarantee that victims will recover their lost assets without the perpetrator’s cooperation.
- OpenSea also announced Wednesday that it will launch an automated URL scanner to identify malicious links and prevent theft and fraud.
See related articles: Each NFT Fraud Perpetrator Earned $300,000 on Average Over the Past Year: Elliptic Report
