In this week’s newsletter, read about how Moonbirds founder Kevin Rose lost over $1.1 million worth of non-fungible tokens (NFTs). Find out why an NFT collector sued OpenSea NFT Marketplace for locking his account for three months and how the Porsche NFT Collection gained nearly $5 million in turnover, despite a failed launch. In other news, find out how NFT Brands can be a reliable signal for NFT traders. Finally, professionals in the Web3 space have shared different ways to combat NFT theft.
Moonbirds creator Kevin Rose loses $1.1M+ in NFTs after one wrong move
Moonbirds co-founder Kevin Rose has lost more than $1.1 million in NFTs after falling victim to a phishing scam. According to several analysts, Rose approved a malicious signature that allows an attacker to transfer tokens from his wallet. An on-chain analyst called “Quit” said on Twitter that the malicious signature was enabled by the Seaport Market Contract, the platform that powers the OpenSea NFT Market.
After the hack, Rose urged his Twitter followers to avoid buying NFTs from Squiggles Collection until everything is reported to avoid buying stolen NFTs.
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NFT Collector Sues OpenSea For Account Lockdown After Being Scammed
The NFT collector has taken legal action against OpenSea for various allegations, including locking his account for more than three months. Speaking to Cointelegraph, NFT investor Robbie Acres said that two of his NFTs were stolen through a phishing scam, which was reported by the NFT platform.
However, Acres claimed that the market required him to perjure himself before he finally opened the account three months later, resulting in alleged financial losses. In response to the allegations, OpenSea claimed that the theft occurred outside of its marketplace and has in fact disabled the items and unlocked the account.
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Porsche NFT trading volume nears $5 million despite launch issues, and downtime
Despite what some considered a failed launch, sales of Porsche NFTs soared to nearly $5 million on January 26, according to data-tracking website NFTScan. The spike in trading volume came as a surprise as the automaker abruptly stopped minting after its launch, following various complaints from users.
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Keep an eye out for major NFT company trademark filings this year
NFT-related trademark filings may be “trusted signals” for collectors and dealers. In an interview with Cointelegraph, intellectual property attorney Michael Kondodis points out that it is impossible to register a trademark without any intention of use.
Kondoudis also shared that in 2023, one of the most noticeable trends will be liquor companies placing orders for NFTs. According to Kondoudis, well-known brands such as Absolut Vodka, Chivas Regal, and Malibu Rum have filed for NFT-related trademarks.
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Here’s how to prevent NFT theft, according to industry professionals
As more people move to NFTs, the space becomes a target for Web3 bad actors. However, professionals working in the field of cryptography believe that some methods and tools can help users prevent hacks.
Due diligence, segregating NFTs into different wallets and using tools to check and revoke permissions are some of the methods highlighted by industry experts who spoke with Cointelegraph.
