OpenSea platform allows sale of stolen NFT tokens

OpenSea, the largest NFT marketplace, has amended its policy on combating stolen NFTs to allow users to resell stolen non-fungible tokens if the marketplace does not receive a notification from law enforcement.

According to a post on OpenSea’s official Twitter account, if law enforcement agencies do not respond to such resale within seven days after the stolen NFTs are posted, NFT holders have the right to trade them. In this way, OpenSea representatives plan to combat fake complaints of theft.

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.»

After the incident with Nate Chastain, the platform introduced an innovation — the creation of a group of moderators who will control the sale of NFTs. The platform has also promised to add many methods of automatic detection of copyright infringement.