OpenSea Updates Its Stolen NFT Policy To Fight NFT Theft

OpenSea, the famous NFT marketplace, witnessed a security violation in a scam form. The scammers stole 254 NFTs from the recognized Decentraland and Bored Ape Yacht Blub collections.

Due to many hackers stealing NFTs from different DEXs, especially OpenSea, the mighty NFT marketplace has announced that it will now aggressively crack down on NFT theft in its updated NFT theft policy.

OpenSea has taken this measure to improve the possible support response to customers if their NFTs get stolen. Additionally, OpenSea must ensure that it does not unknowingly aid criminals. 

If your digital asset is stolen, report it immediately to OpenSea, and they will freeze it on the spot. The NFT will be frozen until the support team receives a police report regarding the offending NFT. If OpenSea doesn’t receive a report within seven days, the token will be released from its captivity. 

Read The Full Conversation On Twitter:

“For all reports going forward, if we don’t receive a police report within seven days, we’ll re-enable buying & selling for the reported item. This change will help prevent false reports. We think this is a good 1st step & we’re grateful for the community’s suggestions,” OpenSea tweeted. 

“2nd, we’re making it easier for users who reported an item stolen to re-enable buying and selling when they recover the item OR determine they should withdraw their stolen item report. For example, we’re finalizing details on a simplified process that doesn’t require a notary,” OpenSea added. 

Read OpenSea’s Stolen Item Policy In Detail

OpenSea will ensure that once the stolen NFTs are cleared and returned to their rightful owners, they can easily trade them on the marketplace. The marketplace took these measures immediately while they are also working and exploring more efficient automated solutions. 

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