OpenSea announces new security features to protect users from NFT scams

by · July 4, 2022

One of the most popular crypto startups, OpenSea, has recently come under fire for stolen and plagiarized non-fungible tokens (NFT).

In light of the growing number of NFT scams, OpenSea has announced the launch of a new feature that will automatically hide suspicious NFT transmissions in their marketplace. This will help protect users from being scammed and ensure that only legitimate transactions are visible.

According to a blog post on Monday, the new feature will automatically hide suspicious NFT transmissions to resolve important trust and security concerns on OpenSea.

OpenSea has recently focused on increasing trust and security on the platform. The NFT market will make significant investments in a number of key areas of trust and security, including theft prevention, IP infringement, scaling review and moderation, and reduce critical response times in high-touch settings, according to a recent blog by the project co. founder and CEO Derin Finzer.

Furthermore, OpenSea has established a separate moderation team to handle review and moderation. For copyright concerns and other fraud vectors going forward, it will use “critical auto-detection” technologies. According to Finzer, removing this type of item from the platform will improve its overall performance. It will also prevent unwanted ads and scams that can be found on open blockchains from being viewed on OpenSea.

On Teusday, the OpenSea boss tweeted that it is possible to receive NFT transfers from people you do not know, just like receiving an unsolicited email, adding that:

“Recently, we’ve seen scammers use these uploads to entice people to click on links to malicious third-party sites. Our latest Trust & Safety release helps prevent this new scam.”

The latest security measures from OpenSea come as demand for NFTs cools and the cryptocurrency market is in a downward spiral. The booming economy is no longer overlooked by US law enforcement, as evidenced by the arrest of Nathaniel Chastain, a former OpenSea product manager who was charged with fraud and money laundering.

Related: Targeted phishing scam gives $ 438K in hacked Beeple account crypto and NFTs

In 2021, when the NFT boom began, OpenSea’s business increased dramatically. However, frequent hacks and scams have made many investors dissatisfied with the platform’s efforts to compensate victims and fight theft.