OpenSea, the leading non-fungible token (NFT) market, is reported to have blacklisted several major NFT collections worth over $ 27 million. However, many users criticize the platform for not performing due diligence when marking an item as stolen.
OpenSea NFT Blacklist Costs
According to this DuneAnalytics dashboard created by Onchain Sluth Beetle, with some token IDs from top NFT collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CloneX, Azuki, Moonbirds and Bored Ape Kennel. Transaction Clun (BAKC) has been marked stolen or suspicious by OpenSea.
Based on the data provided, the total number of blacklisted NFTs on the market is 24,000 ETH ($ 27 million worth). This number is based on the lowest price for each NFT collection mentioned above.
OpenSea blacklists the asset on its website and prevents the asset from being traded after a person reports that the NFT has been stolen. However, there were some complaints that the platform arbitrarily marked the NFT without proper investigation, that is, anyone could easily report that the NFT was stolen.
One of the issues raised is that OpenSea flags items as suspicious or stolen long after the possible theft. This is unfair to the buyer.
At the beginning of July, one Twitter user Asked for an explanation From OpenSea after the marketplace marked their property as suspicious 88 days after purchase. Some other buyers are in the same situation, Tried To get their items No flag..
In addition, the petitioner wants market giants to seek transparency in the process used to mark NFTs as theft.
Other NFT platforms like x2y2 comply with the NFT blacklist by OpenSea, but the same is not true for LooksRare. Items tagged as stolen by OpenSea are often sold at LooksRare, as in some cases.
Many security concerns
OpenSea has also recently suffered from several security breaches.As previously reported CryptoPotato In June, the platform warned users about possible email phishing attempts following data breaches.
“If you’ve shared an email with OpenSea in the past, you should assume you’ve been affected. We’re working with Customer.io on ongoing investigations, and we’re working with law enforcement agencies to report this case. Please be aware of email practices and beware of attempts to impersonate OpenSea via email. “
At the beginning of May, the company’s Discord channel was compromised, allowing hackers to promote fraudulent NFT mint to unprotected victims.
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