Wednesday, June 7, 2023
HomeOpenseaOpenSea unveils features to freeze stolen NFTs and malicious links

OpenSea unveils features to freeze stolen NFTs and malicious links

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

- Advertisment -
Google search engine

Most Popular

Recent Comments