Non-fungible token (NFT) trading platform OpenSea said it is improving its theft handling mechanism and automating its threat detection system.
In a statement, OpenSea stressed that its policy was designed to comply with U.S. laws that make it illegal to knowingly allow the sale of stolen items. However, the company acknowledged that in some cases, buyers unknowingly purchase stolen items and pay a fine, even if they were not at fault. Therefore, the platform has adjusted its policy in such a way as to increase the use of police reports.
In the past, police reports have been used on the platform in particularly heated disputes. With the update, they will be used to confirm all claims of stolen items. If within seven days the platform does not receive a police report, then it will again include the purchase and sale of the claimed item. This will avoid fake applications. OpenSea is also working on other solutions to the problem, such as automating threat and theft detection.
In June, OpenSea co-founder and CEO Devin Finzer said the platform would redouble its efforts to combat fraud and plagiarism. The site has been building systems to combat much of the illegal manipulation, such as infrastructure to prevent unauthorized image copying and scanning, he said. In the breaking month, Finzer announced that the company was laying off 20% of its staff.
Source: Bits
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