NFT

OpenSea Blacklisted $27M Worth of NFTs, Including BAYC and MAYC: Report

Main non-fungible token (NFT) market OpenSea reportedly blacklisted some main NFT collections valued at over $27 million. Nonetheless, many customers have criticized the platform for not finishing up due diligence when marking an merchandise as stolen.

The Price of OpenSea’s NFT Blacklisting

In accordance with this Dune Analytics dashboard created by on-chain sleuth beetle, a number of token IDs and transactions of prime NFT collections like Bored Ape Yacht Membership (BAYC), Mutant Ape Yacht Membership (MAYC), CloneX, Azuki, Moonbirds, and Bored Ape Kennel Clun (BAKC) have been marked stolen or suspicious by OpenSea.

Based mostly on the info supplied, the overall variety of NFTs blacklisted by {the marketplace} got here to 24,000 ETH (price $27 million). The determine is in keeping with the ground costs of every aforementioned NFT assortment.

OpenSea blacklists an asset on its web site and prevents it from being traded after an individual reviews the NFT as stolen. Nonetheless, there have been a number of complaints stating that the platform arbitrarily marked NFTs with out correct investigation, which means that anyone might simply report their NFT as stolen.

One of many points raised is that OpenSea flags an merchandise as suspicious or stolen lengthy after the supposed theft occurred, which is unfair to the client.

Earlier in July, one Twitter person demanded an evidence from OpenSea after {the marketplace} marked their asset as suspicious 88 days after buy. A number of different patrons have been in the identical state of affairs, stating that they’d made makes an attempt to get their gadgets unflagged.

As well as, complainants have requested {the marketplace} large to be clear within the course of used to mark an NFT as stolen.

Whereas different NFT platforms like x2y2 observe OpenSea’s blacklisting of an NFT, the identical can’t be mentioned for LooksRare. Gadgets tagged by OpenSea as stolen can typically be bought on LooksRare, as has been the case on a number of events.

Many Safety Issues

OpenSea has additionally suffered some safety breaches in latest occasions. As beforehand reported by CryptoPotato in June, the platform warned customers of a potential electronic mail phishing try following an information breach.

“When you have shared your electronic mail with OpenSea previously, you need to assume you have been impacted. We’re working with Buyer.io of their ongoing investigation, and we have now reported this incident to legislation enforcement. Please keep vigilant about your electronic mail practices, and be alert for any try to impersonate OpenSea through electronic mail.”

Earlier in Might, the corporate’s Discord channel was compromised, enabling hackers to advertise a fraudulent NFT mint to unsuspecting victims.

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