OpenSea Now Automatically Detects And Blocks Stolen NFTs

  • OpenSea introduces new anti-fraud methods.
  • Using these methods, you can detect fraudulent links much faster

Unfortunately, fraud has become a severe problem in the NFT industry, with attackers stealing assets from owners who are unaware. Assets valued at millions of dollars are being stolen. And when the assets are then resold to buyers who have no idea that they are stolen, this greatly complicates the situation.

Despite this, Web3 developers are trying to minimize the opportunity for fraudsters to make money on stolen NFTs. One of the largest marketplaces for selling NFTs, OpenSea wants to lead the way in fraud prevention.

Currently, the company has introduced several new features that will protect users of its platform from accidentally participating in the purchase of a stolen asset. This will prevent thieves from quickly transferring stolen assets.

One solution is to prevent malicious links from appearing. The platform will have a tool to scan all links that users enter and disable those that lead to fraudulent sites with malicious code.

The second way to protect against theft is to create a tool that automatically examines NFT transfers to identify those that could have been stolen using exploits. Once such assets are discovered, they cannot be resold on OpenSea.

Recently, when the NFT was stolen, the owner contacted OpenSea support, after which the trading platform blocked the resale. But before the asset was blocked, it had already been resold to a completely different person who had no idea that the NFT item was stolen. OpenSea has made changes to try and improve on this model, including the requirement to report NFT theft to the police, but the new, automated system tries to be much faster.

OpenSea Vice President Fauvre-Willis said:

“Issues of security and trust will never end, and of course, we need to constantly improve and find new solutions. Crypto hackers are using new methods of fraud. Therefore, it is necessary to improve the protection system .”

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