OpenSea Adds Stolen Item and Scam Protections

OpenSea Adds Stolen Item and Scam Protections

OpenSea added two new solutions to address stolen items and scams on its platform, according to a recent tweet from the team.

"Stolen items and scams are big issues in the NFT space," the team wrote. "So, we've been hard at work on two new solutions to address both on OpenSea."

The first solution is malicious URL detection, which "proactively scans URLs shared on OpenSea to identify if they may be malicious." After checking a blocklist of given URLs, the new system analyzes interactions and transactions to identify malicious behaviors on unknown or new links. It automatically bans links that include signature farming and wallet draining.

The second solution is theft detection and disablement, which detects "NFT theft in real-time and [prevents] further resales of suspected stolen items to unsuspecting buyers."

Prior to this new implementation, users had to file reports of stolen items to OpenSea, which initiated the platform's flagging system. Stolen items, however, are likely to be resold by the time this process played out.

Now, items will be removed quickly.

"Items involved in detected suspicious behavior will be temporarily disabled on OpenSea, and the previous owner will immediately be notified via email," the team wrote. "The previous owner can then share feedback with us to reinstate the item and enable it to be sold again."

The team is also working with other marketplaces, wallet providers, and other ecosystem participants to "develop a holistic scam detection and prevention system."

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