OpenSea announces new security features to protect users from NFT scams

One of the most popular cryptocurrency startups, OpenSea, has recently been criticized for theft and plagiarism of non-fungible tokens (NFTs).

In light of the growing number of NFT scams, OpenSea has announced the release of a new feature that will automatically hide suspicious NFT transfers from viewing on its marketplace. This will help protect users from fraud and ensure that only legitimate transactions are visible.

According to a blog post on Monday (Dec. 6), the new feature will automatically hide suspicious NFT transfers to address key issues around trust and security in OpenSea.

More recently, OpenSea has focused on improving the trust and security of the platform. According to co-founder and CEO Delrin Fenzer.

Additionally, OpenSea has established a dedicated review team to handle reviews and audits. For copyright issues and other fraudulent mediums, it will use “critical automatic detection” technology. According to Finzer, removing these types of items from the platform will improve its overall performance. It will also prevent unsolicited advertisements and fraudulent items that can be found on open blockchains from being seen on OpenSea.

Just like getting unwanted emails, you may receive an NFT transfer from someone you don’t know.

Recently, we’ve seen scammers use these transfers to lure people into clicking links to malicious third-party websites.

Our latest version of Trust & Safety helps you avoid this new scam. https://t.co/qPHIif2WVT

— Devin Finzer (dfinzer.eth) (@dfinzer) June 13, 2022

On Tuesday (April 6), OpenSea’s CEO tweeted that it is possible to get NFT transfers from people you don’t know, as well as receive an unwanted email, adding:

“Recently, we’ve seen scammers use these transfers to lure people into clicking links to malicious third-party websites. Our latest version of Trust & Safety helps prevent this new scam.”

OpenSea’s latest security measures come as demand for NFTs cools and the cryptocurrency market spirals downward. U.S. authorities can no longer ignore the booming economy, as evidenced by the arrest of former OpenSea product manager Nathaniel Chastain, who was charged with wire fraud and money laundering.

In 2021, when the NFT boom begins, business on OpenSea will increase dramatically. However, frequent hacking and fraud has left many investors unhappy with the platform’s efforts to compensate victims and combat theft.

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