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OpenSea is working to stop trading of stolen NFTs

Online NFT marketplace OpenSea says it is working on stopping bad actors from selling stolen NFTs on its platform. The company said that it will be freezing sales of items suspected to be stolen.

“Trust and safety issues – specifically scams and theft – are some of the biggest barriers to broader NFT adoption today,” the company stated. “At OpenSea, we’ve invested significant time, resources and attention to help improve authenticity and address ecosystem-wide trust challenges – to ensure today’s users are safer, and that we’re building and supporting an ecosystem that is safe and welcoming for newcomers as well.”

It is approaching the NFT security problem through two aspects: malicious URL detection and removal and preventing post-theft resales.

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For the first approach, the company said that it launched a new system that scans URLs share on its marketplace to identify if they are malicious. These malicious links are used to deceive people into connecting their wallet to fake websites and signing a message.

Once links are determined to e malicious, they will be removed from OpenSea and the account that shared them would be banned. Also, their collections would be delisted and any transfer request they are using will be blocked.

In the second approach, OpenSea says that it no longer has to wait for the user to contact its support team to file a stolen item report. Instead, it is training its system to detect theft.

“Now, when our system flags a potential theft or suspicious transfer, we automatically mark the item as ‘under review’ with a yellow warning icon, disable resales of the item using OpenSea, and alert the previous owner of the item over email,” It said on its blog.

Users can confirm whether or not their NFT was stolen (they can provide a police report to keep it disabled on OpenSea indefinitely). If it wasn’t stolen, the platform will unfreeze resales of the item.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.