Nonfungible token (NFT) collectors are taking legal action against the OpenSea NFT marketplace over a number of allegations, including being locked out of their accounts for more than three months after falling victim to a phishing scam.
OpenSea user Robbie Acres told Cointelegraph that after NFTs were stolen through a phishing scam, he immediately reported them to the NFT market. However, NFT collectors claim to face many difficulties. Acres explains that:
“It took them more than 48 hours to respond, by which time the stolen assets had already been sold because the buyer had greatly underestimated them by prioritizing them over their value.”
In addition, the NFT market also responded by locking the account to prevent further damage. However, according to Acres, that is not the solution they are asking for. “Opensea held my assets ransom for more than three months despite repeated requests to unlock my assets,” he said.
NFT investors believe that the market should be responsible for the losses incurred during this period. Acres believes the estimated loss due to OpenSea’s actions is about $500,000.
“Whether by intent or ineptitude, OpenSea’s actions have caused me significant financial loss as I am an active investor in the web3 community,” he said. Because of this, Acres used the help of lawyers to take action against OpenSea.
Enrico Schaefer, the attorney who leads the Acres legal team, said this is not an isolated case. The lawyer confirmed that there are several people who have faced the same problem. Schaefer explains:
“I have spoken to and represented several people whose NFTs were stolen or whose accounts were compromised on the Opensea market. In some cases, Opensea admitted its failure and made the account owner whole. In others, OpenSea simply ignored the problem.
In addition, the lawyer said that “OpenSea should focus on its customers, the people who buy and sell NFTs, instead of being blinded by growth, investor dollars, and gross revenue.”
related: New NFT private auction scam threatens OpenSea users
When asked about the issue with Acres, an OpenSea spokesperson told Cointelegraph that:
“The theft occurred outside OpenSea and the items were sold before OpenSea became aware of the reported theft. Shortly after being notified and aware, we disabled the item and the user account was unlocked.
In addition, the platform states that it has invested in tools and personnel to prevent and detect theft and stop the sale of stolen goods on the platform. He wrote:
“Theft is one of the biggest and most challenging ecosystem problems to tackle because it occurs in so many different areas of the digital surface and through so many unique (and legal) communication channels.
On August 11, the NFT market introduced a new stolen goods policy to consolidate and expand the use of police reports. In response to this, some users took to Twitter to claim that if the NFTs were stolen, OpenSea could not help.