OpenSea Addresses Stolen Items Policy

OpenSea Addresses Stolen Items Policy

OpenSea tweeted out a thread on Wednesday to address a few common questions regarding its stolen items policy. The team admitted that they have not been as transparent with their communications as they should be and hope to change that moving forward.

OpenSea explained the reason for the policy is due to United States laws on allowing the sale or transfer of stolen items. Allowing the sale of stolen items would incentivize theft, and the purchaser could unknowingly buy a stolen NFT and be penalized.

OpenSea is adjusting the policy based on community feedback by expanding the reporting system, requiring a police report to be filed within 7 days, or else the item will be re-enabled for trading. This adjustment should lower the number of false reports. The policy will also allow users who previously reported an item as stolen to re-enable trading themselves once they have recovered the item.

The team continues to look at other solutions that can improve the process for users. 

Related Content
Lucky Trader News on Twitter
Get alerts the moment news breaks with the Lucky Trader app.