NFT collector sues OpenSea to lock account after being defrauded

A nonfungible token (NFT) collector is taking legal action against the OpenSea NFT marketplace for several allegations, including being locked out of his account for more than three months after falling victim to a phishing scam.

OpenSea user Robbie Acres told Cointelegraph that after his NFTs were stolen through a phishing scam, he immediately reported it to the NFT market. However, the NFT collector claims to have faced many difficulties. Acres explained that:

“They took over 48 hours to respond as the stolen assets had been sold as the buyer significantly underestimated them in prioritizing speed over value.”

In addition, the NFT marketplace also responded by locking his account to prevent further damage. However, according to Acres, that was not the solution he was asking for. “OpenSea held my assets ransom for over three months despite repeated demands to unlock my assets,” he added. The investor also claims that OpenSea required him to perjure an affidavit in order to unlock his account.

The NFT investor believes that the marketplace should be held responsible for losses incurred over time. Acres is convinced that the estimated losses due to OpenSea’s actions amount to $500,000.

“Whether by intent or indiscretion, OpenSea’s actions caused me significant financial loss as I am an active investor in the Web3 community,” he said. Because of this, Acres used the help of lawyers to take action against OpenSea.

Enrico Schaefer, the attorney leading Acres’ legal team, said this is not an isolated case. The lawyer confirmed that there are several people working with the same problem. Schaefer explained:

“I have spoken to and represent several people who have had their NFTs stolen or accounts compromised on the OpenSea marketplace. In some cases, OpenSea acknowledges its mistakes and makes the account owner whole. In others, OpenSea simply ignores the problem.”

Apart from this, the lawyer commented that “OpenSea needs to focus on its customers, the people who buy and sell NFTs, instead of being blinded by growth, investor dollars and gross revenues.”

Related: New NFT private auction scam threatens OpenSea users

When asked about the problem with Acres, an OpenSea spokesperson told Cointelegraph that:

“The theft in question took place outside OpenSea and the goods were sold before OpenSea became aware of the reported theft. Soon after we were notified and became aware, we disabled the items and the user’s account has since been unlocked.”

In addition, the platform pointed out that it has invested in tools and personnel to prevent and detect theft and stop the resale of stolen items on its platform. They wrote:

“Theft is one of the biggest and most challenging ecosystem problems to solve because it occurs across many different digital surfaces and through many unique (and legitimate) communication channels.”

On August 11, 2022, the NFT marketplace introduced a new stolen item policy to incorporate and expand the use of police reports. In response, some users took to Twitter to claim that when their NFT was stolen, OpenSea was unable to help.