OpenSea Accused of Theft, Negligence and Extortion by User Suing NFT Marketplace for $500,000
OpenSea has a security and fraud problem and if one account holder on the NFT marketplace is right, it is negligent in protecting its customers and guilty of extortion.
As prominent NFT creator, collector and venture capitalist Kevin Rose would no doubt attest, theft in the NFT space is a serious problem. He lost a part of his personal collection valued at $1.1 million in a recent phishing attack, although that was nothing to do with OpenSea.
Robert Acres, as we detail below, also fell victim to an NFT phishing attack. Not as high-profile a user of OpenSea as Rose, Acres had two NFTs stolen in a phishing attack.
He alleges that far from promptly trying to help him retrieve his property and prevent resale by the thieves, as OpenSea is reported to have done with Rose, the leading NFT marketplace ended up locking Acres out of his account for three months.
During that time Acres alleges he suffered large losses on the 58 NFTs in his account because he was unable to trade them.
The two now blacklisted stolen NFTs can be seen listed on OpenSea, with a warning that the items cannot be bought or sold due to suspicious activity:https://opensea.io/assets/ethereum/0xd2f668a8461d6761115daf8aeb3cdf5f40c532c6/2299
https://opensea.io/assets/ethereum/0x4db1f25d3d98600140dfc18deb7515be5bd293af/5297
Acres’s stolen NFTs were sold by the thief for 0.5 and 0.7 WETH.
However, Acres estimates his loss resulting from not being able to trade his remaining NFTs on OpenSea at as much as $500,000 and is suing the NFT marketplace – OpenSea is a trading name of Ozone Networks Inc – to make good those losses.
He has hired the services of Traverse Legal, with managing partner and trial attorney specializing in blockchain and web3, Enrico Schaefer, heading up
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