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Here’s How OpenSea Plans to Tackle Scam and Frauds

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Derin Finzer, co-founder and CEO of the project, shared details on how the platform will deal with such fraudulent activities in the future.

OpenSea’s anti-fraud and plagiarism efforts

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Blog mailThe CEO argued that OpenSea expects significant investment in “Trust and Security” in several key areas such as theft and fraud prevention, online intellectual property infringement, review and moderation scaling, and reducing critical response times in frequent contacts. areas.

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In this way, OpenSea will automatically hide suspicious NFT transfers to reduce their visibility on user profile pages. While fraudulent transfers will always exist on public blockchains, the NFT platform aims to keep them hidden from view.

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The focus will also be on preventing NFTs from showing up in OpenSea. Finzer said the team will spend the next quarter developing proactive solutions such as building stronger security for NFTs in transit, reducing spam, and collaborating with third parties and creators of all sizes. The platform has already begun working with key rights holders to develop “image detection” models for automatic deletion.

In addition, OpenSea has created a dedicated team of moderators to scale review and moderation. In the future, it will use “critical automatic detection” systems for copyright issues and other areas of fraud. Finzer believes this move will be critical to ensure faster response times for critical items and prevent spam and fraudulent items that exist on public blockchains from entering OpenSea.


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Significant investments are being made in critical user problem areas to reduce OpenSea’s average response time to less than 24 hours.

“To this end, our number one goal as a company is to increase the level of trust in our product and continue to build the best team to do so. There will be more soon.”

Theft, fraud and lawsuits

Finzer’s latest mitigation efforts come at a time when OpenSea has seen its troubles pile up as demand for NFTs declined amid a wider market crash. US law enforcement is also no longer turning a blind eye to the growing economy, as evidenced by the arrest of Nathaniel Chastain, a former product manager at OpenSea, who was charged last week with wire fraud and money laundering.

In 2021, as NFTs became a cultural sensation, OpenSea’s business skyrocketed. But the subsequent hacks and scams have led many distraught investors to complain about the New York-based platform’s moves to compensate victims of scams and fight theft.

However, some users claim that OpenSea, which receives a 2.5% stake every time a non-fungible token is sold on its platform, has a financial incentive to not stop the sale of stolen goods. Earlier this year, Robert Armijo, a Nevada investor, filed a lawsuit. accusation platform of failure to apply reasonable security measures and profit from the sale of stolen NFTs.

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Credit : cryptopotato.com

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