One of the most popular cryptocurrency startups, OpenSea, has recently come under fire for stolen and plagiarized non-fungible tokens (NFTs).
In light of the growing number of NFT scams, OpenSea has announced the launch of a new feature that will automatically hide suspicious NFT transfers from view on their marketplace. This will help protect users from fraud and ensure that only legitimate transactions are visible.
According to blog Released on June 13, the new feature will automatically hide suspicious NFT transfers to address key issues related to trust and security in OpenSea.
Recently, OpenSea has been focusing on building trust and security on the platform. According to a recent report, the NFT market will make significant investments in various important areas for trust and security, including theft prevention, intellectual property infringement, validation and moderation scaling, and reducing critical response times in frequent interactions. blog co-founder and CEO of the project Derin Finzer.
In addition, OpenSea has created a dedicated moderators group to review and moderate. To protect copyright and other forms of fraud in the future, “critical automatic detection” technologies will be used. According to Finzer, removing these types of elements from the platform will improve its overall performance. It will also prevent unwanted ads and fraudulent items that can be found on public blockchains from being viewed in OpenSea at all.
Similar to receiving an unsolicited email, it is possible to receive NFT transfers from people you don’t know.
Recently, we have seen scammers using these transfers to encourage people to click on links to malicious third-party sites.
Our latest release of Trust & Safety helps prevent this new scam. https://t.co/qPHIif2WVT
— Devin Finzer (dfinzer.eth) (@dfinzer) June 13, 2022
On Teusday, OpenSea’s CEO tweeted that it’s possible to receive NFT transfers from individuals you don’t know, just like receiving a spam email, adding that:
“We recently saw scammers using these transfers to induce people to click on links to malicious third-party sites. Our latest release of Trust & Safety helps prevent this new scam.”
OpenSea’s latest security measures come as demand for NFTs falls and the crypto market is in a downward spiral. A thriving economy is no longer overlooked 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.
Targeted phishing scam brings in $438k in crypto and NFTs from hacked Beeple account
In 2021, as the NFT boom began, OpenSea’s business skyrocketed. However, due to frequent hacks and fraud, many investors were dissatisfied with the platform’s efforts to compensate victims and combat theft.
Credit : cointelegraph.com