OpenSea Launches a New Stolen NFT System

OpenSea launched a new stolen NFT system that automatically detects suspicious non-fungible tokens to stop scammers and hackers from selling them on the network. Additionally, it no longer waits for its users to alert it to any suspect NFT sales. Instead, it now instantly recognizes potentially stolen tokens. On the other hand, the massive NFT market aims to deter hackers from selling their stolen tokens and profiting from them.

About the new stolen NFT system from OpenSea

OpenSea used to wait for reports of stolen NFTs from others. The enormous market would then begin to freeze any transactions for the reported token as soon as it received it. After that, it prevented hackers from flipping them. But sources point out in their analysis that most NFT theft cases happen very quickly. In addition, the online exchange acknowledges that a fraudulent token is frequently sold before customers report it to them. [caption id="attachment_58530" align="aligncenter" width="1600"] image credit: techtimes[/caption] However, it appears that OpenSea is seeking to alter that at this particular time.  As a result, it unveiled a brand-new automated technology that aims to immediately halt transactions involving stolen goods.

NFT Theft Prevention by OpenSea

OpenSea recently announced on its blog that it "launched a new system to proactively scan URLs shared on OpenSea to help identify if they are malicious in nature." Therefore, the new process seeks to identify stolen NFTs before hackers effectively flip them rather than just relying on complaints. [caption id="attachment_58529" align="aligncenter" width="1600"] image credit: coincu[/caption] Furthermore, the new technique is intended to stop dishonest people from displaying or selling dangerous things on the internet marketplace. Given that, the new system aims to get rid of it immediately before it even gets listed on the platform. Moreover, the system marks the item as "under review" when it finds a malicious NFT. If such is the case, it cannot be purchased because it is not mentioned. Also, Read: Meta Introduces New Upgrades Focused On Facebook Stars and NFT Anne Fauvre-Willis, Vice President of operations, markets, and integrity at OpenSea, outlines how the new system recognizes potentially harmful tokens. The executive claims that "a number of industry data sources" are examined. Additionally, the system looks up the token's transaction history and examines how it was removed from its previous owner's wallet. When the new system detects an NFT as stolen, it sends an email to the former owner along with a police complaint.