OpenSea, the world's leading marketplace for non-fungible tokens (NFTs), has reportedly blacklisted a number of major NFT collections valued at over $27 million, including those from top NFT collections like CloneX, Azuki, Bored Ape Kennel Clun (BAKC), Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Moonbirds.

The move comes after several high-profile cases of NFT theft, in which bad actors have stolen digital art and other assets from unsuspecting victims.

In response to the growing problem of NFT theft, OpenSea has decided to take action by blacklisting certain collections that it believes may be at risk of being stolen.

Security Measures

In a Twitter post, an NFT user demanded an explanation from OpenSea 88 days after purchase when their asset was marked as suspicious. Several users reported that they had made efforts to get their items unflagged and were in a similar scenario.

OpenSea co-founder Devin Finzer stated that the marketplace is "aggressively working to combat fraud" and that they have blacklisted over $27 million worth of NFTs since May. He also said they are "very sorry" for the inconvenience caused to legitimate users.

However, many users are unhappy about the issue and have accused the platform of not taking all necessary precautions when reporting an item as stolen. They argue that innocent people could have their collections unjustly blacklisted and that the platform should be more transparent about its decision-making process.

Despite the blacklisting, some of the blacklisted NFTs have still been sold on LooksRare, another NFT platform, which caused the suspicions to worsen. 

OpenSea has warned users to be cautious when trading NFTs and to check the source of the NFT before buying or selling it.

The team is committed to providing a safe and secure platform for its users, and this latest move is in line with that goal.

At the end of the day, it is up to each individual user to decide whether or not to buy from a blacklisted collection. However, OpenSea's decision to take action against NFT theft is a step in the right direction and will hopefully help to deter future crimes.

What do you think about OpenSea's decision to blacklist certain NFT collections?


Jul 9, 2022
Crypto News

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