NFT platform OpenSea starts fighting fraudsters

OpenSea co-founder and CEO Darin Finzer has said that the NFT buying and selling platform will redouble its efforts to combat fraud and plagiarism.

In a blog post yesterday, Finzer explained that the usual prohibitions against fraud, intellectual property theft, and plagiarism are not enough. To prevent fraud attempts, OpenSea will automatically hide suspicious NFTs. The platform will also cooperate with copyright holders to create models for detecting stolen images.

An important innovation for OpenSea is the creation of a group of moderators who will control the sale of NFTs. The platform will also add many methods of automatic detection of copyright infringement.

«New technologies bring new challenges. We recognize that as leaders, we have a responsibility to address these challenges,» Finzer wrote.

Earlier, OpenSea was criticized for its slow response in cases where stolen NFTs were sold on the platform. After all, fraud and theft have become commonplace in the crypto community. Thus, former OpenSea employee Nate Chastain was arrested in early June. Chastain is accused of «wire fraud and money laundering as part of an insider trading scheme.»