OpenSea Blacklists $27M worth of NFTs, including BAYC and MAYC: Report

OpenSea Blacklists $27M worth of NFTs, including BAYC and MAYC: Report

Leading non-fungible token (NFT) marketplace OpenSea has reportedly blacklisted some large NFT collections worth over $27 million. However, many users have criticized the platform for not doing due diligence when marking items as stolen.

Cost of OpenSea NFT Blacklist

According to this Dune Analytics dashboard created by on-chain bug tracker, several token IDs and transactions of top NFT collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CloneX, Azuki, Moonbirds and Bored Ape Kennel Clun (BAKC) ) have been marked as stolen or suspicious by OpenSea.

Based on the data provided, the total number of NFTs blacklisted by the market reached 24,000 ETH (worth $27 million). The figure is in line with the minimum prices of each NFT collection listed above.

OpenSea blacklists the asset on its website and prevents it from being traded after a person reports the NFT as stolen. However, there have been several complaints stating that the platform has arbitrarily flagged NFTs without proper investigation, meaning anyone could easily report their NFTs as stolen.

One of the issues raised is that OpenSea is marking an item as suspicious or stolen long after the alleged theft, which is unfair to the customer.

Earlier in July, a Twitter user demanded an explanation from OpenSea after the market flagged their assets as doubtful 88 days after the purchase. There were several other customers in the same situation who said they were tried to get their items unflagged.

Additionally, the complainants asked the marketplace giant to be transparent about the process used to flag NFTs as stolen.

While other NFT platforms like x2y2 follow OpenSea’s NFT blacklist, the same cannot be said for LooksRare. Items flagged as stolen by OpenSea can often be sold on LooksRare, as has been the case on several occasions.

Many security issues

OpenSea has also suffered several security breaches recently. As before registered by CryptoPotato in June, the platform warned users of a possible phishing attempt following a data breach.

“If you’ve shared your email with OpenSea in the past, you should assume you’ve been affected. We are working with Customer.io in their ongoing investigation and have reported this incident to the police. Please be vigilant about your email practices and be alert for any attempt to impersonate OpenSea via email.”

Earlier in May, the company’s Discord channel was compromisedallowing hackers to promote a fake NFT mint to unsuspecting victims.

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