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NFTs News

OpenSea’s Seaport Function Makes Stolen NFT Still Sellable

January 23, 2023 - Around 2 mins mins to read

Key Points:

  • The sixth largest holder of BAYC said that twice a week, someone used the Match Advanced Order function to sell to him the stolen goods marked as “suspicious activity review.”
  • Experts analyzed that hackers can complete the sale of NFTs blocked by the OpenSea mark through the Match Advanced Orders function of the OpenSea Seaport protocol.
  • This raises concerns about the censorship features, as stolen NFTs can still be traded on the marketplace. Some users are starting to get bored with the platform.
Recently, holders discovered that stolen NFTs are still being sold by rampant hackers on Opensea’s Seaport marketplace.
OpenSea's Seaport Function Makes Stolen NFT Still Sellable

Franklin, the sixth largest holder of BAYC, tweeted that twice in a week, someone used the “Match Advanced Order” function to sell to him the stolen goods marked as suspicious activity review (yellow mark, this is a warning of steal BAYC NFT).

In this regard, Cosine, the founder of SlowMist Technology, analyzed that hackers can complete the sale of NFTs blocked by the OpenSea mark through the Match Advanced Orders function of the OpenSea Seaport protocol. This bypasses OpenSea’s security policy (blocking cannot be sold), but there needs to be a buyer to bid here.

This raises concerns about OpenSea’s censorship features, as stolen NFTs can still be traded on the marketplace. Some users are starting to get bored with the platform.

Previously, OpenSea has launched 2 features in an effort to protect users from phishing attacks and prevent stolen NFTs from being sold on its platform. One is a new anti-theft feature that proactively scans URLs to prevent malicious links from appearing on counterfeit listings. Another feature is a new detection feature that automatically detects and flags potentially stolen or transferred NFTs and bans their transactions on the platform.

OpenSea says it is working with other companies in the NFT space to reduce scams. However, it seems that verifying stolen NFTs on the platform is having a hard time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Match Advanced Order

OpenSea

Seaport

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
NFTs News, Scam Alert

OpenSea’s Seaport Function Makes Stolen NFT Still Sellable

Key Points:

  • The sixth largest holder of BAYC said that twice a week, someone used the Match Advanced Order function to sell to him the stolen goods marked as “suspicious activity review.”
  • Experts analyzed that hackers can complete the sale of NFTs blocked by the OpenSea mark through the Match Advanced Orders function of the OpenSea Seaport protocol.
  • This raises concerns about the censorship features, as stolen NFTs can still be traded on the marketplace. Some users are starting to get bored with the platform.
Recently, holders discovered that stolen NFTs are still being sold by rampant hackers on Opensea’s Seaport marketplace.
OpenSea's Seaport Function Makes Stolen NFT Still Sellable

Franklin, the sixth largest holder of BAYC, tweeted that twice in a week, someone used the “Match Advanced Order” function to sell to him the stolen goods marked as suspicious activity review (yellow mark, this is a warning of steal BAYC NFT).

In this regard, Cosine, the founder of SlowMist Technology, analyzed that hackers can complete the sale of NFTs blocked by the OpenSea mark through the Match Advanced Orders function of the OpenSea Seaport protocol. This bypasses OpenSea’s security policy (blocking cannot be sold), but there needs to be a buyer to bid here.

This raises concerns about OpenSea’s censorship features, as stolen NFTs can still be traded on the marketplace. Some users are starting to get bored with the platform.

Previously, OpenSea has launched 2 features in an effort to protect users from phishing attacks and prevent stolen NFTs from being sold on its platform. One is a new anti-theft feature that proactively scans URLs to prevent malicious links from appearing on counterfeit listings. Another feature is a new detection feature that automatically detects and flags potentially stolen or transferred NFTs and bans their transactions on the platform.

OpenSea says it is working with other companies in the NFT space to reduce scams. However, it seems that verifying stolen NFTs on the platform is having a hard time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News