OpenSea blacklisted NFTs worth $ 27 million, including BAYC and MAYC: Report

The leading NFT marketplace OpenSea reportedly blacklisted some large NFT collections worth over $ 27 million. However, many users have criticized the platform for not performing due diligence when marking an item as stolen.

The cost of OpenSea’s NFT blacklisting

According to this Dune Analytics dashboard created by sleuth beetle on the chain, multiple token IDs and transactions from top NFT collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CloneX, Azuki, Moonbirds and Bored Ape Kennel Clun (BAKC) was tagged as stolen or suspicious by OpenSea.

Based on the data provided, the total number of NFTs blacklisted by the marketplace came to 24,000 ETH (worth $ 27 million). The figure is in accordance with the floor prices for each mentioned NFT collection.

OpenSea blacklists an asset on its website and prevents it from being traded after a person reports NFT as stolen. However, there have been several complaints saying that the platform randomly tagged NFTs without proper investigation, which means that anyone can easily report the NFT being stolen.

One of the issues addressed is that OpenSea flags an item as suspicious or stolen long after the alleged theft occurred, which is unfair to the buyer.

Earlier in July a Twitter user demanded an explanation from OpenSea after the marketplace marked their asset as suspicious 88 days after the purchase. Several other buyers were in the same situation and stated that they had it made attempts to get their goods unflagged.

In addition, complainants have asked the marketplace giant to be open in the process used to mark an NFT as stolen.

While other NFT platforms such as x2y2 follow OpenSea’s blacklisting of an NFT, the same cannot be said for LooksRare. Items marked by OpenSea as stolen can often be sold on LooksRare, as it has been on several occasions.

Many security concerns

OpenSea has also been exposed to some security breaches recently. As previously reported by Kryptopotet in June, the platform alerted users to a possible email phishing attempt following a data breach.

“If you have shared your email with OpenSea in the past, you should assume that you were affected. We are working with Customer.io in their ongoing investigation and we have reported this incident to the police. Please note your email practices, and be on the lookout for any attempts to impersonate OpenSea by email. “

Earlier in May, the company’s Discord channel was compromised, allowing hackers to promote a fraudulent NFT coin to unsuspecting victims.