- In may the Open sea discarded the channels which promote the fraudulent
- Items marked as stolen by OpenSea can frequently be seen sold on LooksRare
Open Sea, the largest marketplace for buying and selling Non Fungible Tokens (NFTs), has been blacklisted for its major collections, which are valued at over $27 million. However, because the majority of NFTs are flagged as stolen, most users blame it on the platform’s incompetence.
The most well-known NFTs, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Clonex, Azuki, Moonbirds, and Bored Ape Kennel Clun (BAKC), are flagged and stolen by Opensea, according to Dune analytics data. According to the analyst, the total value of NFTs on the blacklist is 24,000 ETH (approx $27 million worth).
Twitter was used as a venue in early July to explain what was happening in the Open sea, after it was flagged as suspicious, stolen, and happening to users who felt it was unjust. It was also mentioned that they had made numerous attempts to get their NFTs unflagged.
While x2y2 and other NFT platforms adhere to OpenSea’s blacklisting of an NFT, LooksRare does not. Items marked as stolen by OpenSea can frequently be sold on LooksRare, as it has happened on multiple instances.
Concerns About Security and User Interaction
The company’s Discord channel was breached earlier in May, allowing hackers to spread the word of a fake NFT mint to unwary victims.
Open sea stated:
We are working with Customer.io in their ongoing investigation, and we have reported this incident to law enforcement.
The above mentioned email that they are assisting the customer and that users who previously shared their email with Open Sea are affected. Working with law enforcement to report the issue, customer. io is conducting an ongoing investigation, and they are warning the public to be aware of email best practices and watch out for attempts to pose as Open Sea via email.
In late February, Open Sea more than $1.7 million tokens had been stolen and 32 users were affected, the scenario repeats now.
