OpenSea introduces new stolen item policy to combat NFT theft

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With asset theft still being one of the biggest problems in the non-fungible token (NFT) space, NFT OpenSea Marketplace is making an effort to adapt its policy to incorporate additional measures against stolen items.

In an announcement, the company highlighted its policies that have been made keeping in mind the laws of the United States, where it is prohibited to allow the sale of knowingly stolen items. However, the market acknowledged that in some cases, buyers who unknowingly bought stolen items were punished even though they weren’t wrong. Because of this and feedback from the NFT community, the market has adjusted its policy to expand the use of police reports.

Previously, police reports within the platform were used to escalate disputes. With the new update, it will be used to confirm all reports of stolen items within the NFT platform. Without a police report within seven days, the platform will allow the reported item to be bought and sold again to avoid fake reports. Then, the company also made efforts to make it easier to re-enable buying and selling features once stolen items have been recovered.

The NFT platform also highlighted that it is working on other solutions to tackle the problem of NFT theft at its roots. According to the announcement, the company is working to automate the detection of threats and theft.

One Twitter user praised the move, calling it a good first step and encouraging other platforms to follow suit while suggesting that nuances of laws from other countries be taken into account as well. On the other hand, some community members are still indignant, and are taking to Twitter to report their issues. One user wrote:

Meanwhile, another user claimed to have bought a stolen NFT without his knowledge, and OpenSea support staff recommended the user to sell it on another NFT marketplace.

Related: Hacker savors private medicine as community recovers stolen NFTs

In June, the NFT platform enabled additional security features to protect its users from NFT scams. The feature automatically hides NFT transmissions that have been flagged as suspicious. The goal is to ensure that only legitimate transactions appear in the market.

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