OpenSea changes policy to prevent NFT theft

Hacking cases have increased in the crypto segment in the last few months. Due to this, the firms associated with this segment as well as the investors have suffered huge losses. OpenSea, a non-fungible token (NFT) marketplace, has changed its policy to protect users from theft of digital collectibles. OpenSea has decided to take the help of police officers in all cases of theft.

Along with this, the firm has made it easy to resell and purchase stolen items after recovery. These changes have been made based on the feedback received from the NFT community. “We are making it easier for users who report a stolen item to resell or purchase an item upon recovery,” OpenSea said in a post on Twitter. The firm has acknowledged that users’ confidence in the firm has been weakened due to legal difficulties for their next buyers or holders in some cases of stolen NFTs.

OpenSea explained, “It is illegal under US law to sell or transfer an item that is known to be stolen. By allowing the sale of stolen items on our platform, we do not want to encourage theft. In some cases without knowledge Fines have been imposed on those who buy such items. This is a big problem for us. We are looking at user feedback to deal with it.”

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