OpenSea Takes Steps To Tacke NFT Theft | NewsBust OpenSea Takes Steps To Tacke NFT Theft | NewsBust

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OpenSea Takes Steps To Tacke NFT Theft

By Shivani Kapoor - August 12, 2022

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The firm has made it easy to resell and buy stolen items after recovery

special things

  • These changes have been made based on the feedback received from the NFT community.
  • Easier to resell when item is recovered
  • User confidence has weakened in some cases of NFT

Hacking cases in the crypto segment have increased in the last few months. Due to this, the firms associated with this segment as well as the investors have suffered a big loss. OpenSea, a non-fungible token (NFT) marketplace, has changed its policy to protect users from theft of digital collectibles. OpenSea has decided to take the help of police officers in all cases of theft.

Along with this, the firm has made it easy to resell and purchase stolen items after recovery. These changes have been made based on the feedback received from the NFT community. “We are making it easier for users who report a stolen item to resell or purchase an item upon recovery,” OpenSea said in a post on Twitter. The firm has acknowledged that in some cases of stolen NFTs, the confidence of the users in the firm has been weakened due to legal difficulties for their next buyers or holders.

OpenSea explained, “It is illegal under US law to sell or transfer an item when it is known to be stolen. By allowing the sale of stolen items on our platform, we do not want to encourage theft. In some cases without knowledge.” Fines have been imposed on those who buy such items. This is a big problem for us. We are looking at user feedback to deal with it.”

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Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but they cannot be duplicated. With the increase in business in this segment, there has also been an increase in scam cases. In the US, some big cases of fraud related to this segment have been exposed. Some of these accused have also been arrested. These cases have raised apprehensions about trading in this segment. Regulators have also emphasized on increasing scrutiny of this segment due to increasing cases of hacking.

Shivani Kapoor

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