- OpenSea blacklists popular NFTs worth $27m, including BAYC and MAYC.
- The platform faced criticism for frequently flagging suspicious items.
- Users request OpenSea to be much more cautious while flagging suspicious items.
- NFT marketplace like x2y2 has also followed OpenSea’s blacklisting strategy.
OpenSea has recenlty blacklisted around 24,000 ETH, worth $27 million of NFTs on its platform.
As per the latest reports, the biggest NFT marketplace reported a number of token IDs and transactions as stolen or suspicious, including those of renowned NFT collections like Azuki, CloneX, Moonbirds, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Yacht Club (BAYC).
Blacklisting reported stolen assets allows OpenSea to stop them from being traded on its platform.
The platform, however, faced criticism from a number of users for failing to properly investigate before taking such harsh measures, with the justification that anyone could easily report their NFT as stolen.
Excuse me? I bought my CloneX 88 days ago and a suspicious flag was added by Opensea just today? Can anyone just report any item now?? There are no suspicious trading or transfers on the item at all.— Jennifer (@Jennifer19375) July 4, 2022
You owe me an explanation @opensea pic.twitter.com/svqG8LcZMW
OpenSea has faced opposition for frequently flagging items as suspicious or stolen long after the alleged theft, which is totally unfair to the person who at present owns the asset.
In one such instance, a Twitter user who, earlier this month, she’s demanding an explanation from OpenSea after the platform flagged her item as suspicious 88 days after the purchase was made.
Similar complaints were made by several other individuals, who claimed to have attempted their items unflagged on the platform.
The complainants have requested that the platform should be much more cautious while blacklisting problematic assets.
Some NFT marketplace like x2y2 has also followed OpenSea’s blacklisting policy, unlike LooksRare.
Most items marked as stolen by OpenSea can still be purchased and sold on LooksRare, as has happened on numerous occasions.
Recently, various attacks have targeted OpenSea in particular. According to various news agencies, the platform experienced a data breach last month an employee at the platform’s email delivery partner leaked user data.
In May, the company’s Discord channel was breached, allowing the promotion of fake NFT mint to unsuspecting users.