One of the most popular crypto startups, OpenSea, has recently come under fire for theft and stolen non-fungible tokens (NFTs).
In light of the increasing number of NFT scams, OpenSea has announced the launch of a new feature that will automatically hide suspicious NFT transfers from their marketplace. This will help protect users from fraud and ensure that only valid transactions are visible.
According to a blog post on June 13, the new feature will automatically hide suspicious NFT transfers to address major concerns about trust and security at OpenSea.
OpenSea has recently been focusing on increasing trust and security on the platform. The NFT Marketplace will make substantial investments in a number of key areas for trust and security, including piracy prevention, IP breaches, scaling review and moderation, and reducing critical response times in high-touch settings, as noted by Project Co’s recent According to the blog. -Founder and CEO Darrin Finzer.
In addition, OpenSea has set up a special moderation team to handle the review and moderation. For copyright concerns and other fraud vectors going forward, it will use “critical auto-detection” techniques. According to Finjar, removing these types of items from the platform will improve its overall performance. It will also prevent unwanted advertisements and fraudulent items that can be found on open blockchains and cannot be viewed on OpenSea at all.
Like receiving an unsolicited email, it is possible to receive NFT transfers from people you do not know.
Recently, we have seen fraudsters use these transfers to entice people to click on links to malicious third party sites.
Our latest Trust and Security release helps prevent this new scam. https://t.co/qPHIif2WVT
— Devin Finzer (dfinzer.eth) (@dfinzer) 13 June 2022
On Teusday, the CEO of OpenSea tweeted that it is possible to receive NFT transfers from individuals you do not know, as with receiving an unsolicited email, adding:
“Recently, we have seen scammers use these transfers to entice people to click on links to malicious third party sites. Our latest Trust and Security release helps stop this new scam.”
The latest OpenSea safeguards come as demand for NFTs is dwindling, and the cryptocurrency market is on a downtrend. The booming economy is no longer being ignored by US law enforcement, as evidenced by the arrest of Nathaniel Chastain, a former product manager at OpenSea who was charged with wire fraud and money-laundering crimes.
related: Targeted phishing scam netted $438K in crypto and NFTs from hacked Beeple account
In 2021, when the NFT boom was underway, business in OpenSea grew dramatically. However, persistent hacks and fraud have left many investors dissatisfied with the platform’s efforts to compensate victims and combat theft.
