Is OpenSea doing all it can to protect its users from hacks?
Alice has owned an NFT for quite some time and suddenly it is blocked and marked as “reported for suspicious activity.” The seller’s account is not compromised and the transaction happened a while ago. Since there is no evidence required to report a stolen NFT and block it, anyone can send an email to OpenSea’s anti-fraud team to block any NFT.
Although not all of the 17 stolen NFTs are blocked as Arthur managed to recover some through negotiating with the indirect victims to buy them back, future hacks in a similar form will happen continuously and the cumulative number of blocked NFTs can only increase as hacks continue and no procedures are in place to unblock them.
As shown in the graph below, the price increases from 15 ETH to 21 ETH from the 1,000 to 700 reduction, but increases more from 21 ETH to 28 ETH from the 700 to 400 reduction.It is clear to see that blocking the stolen NFTs could artificially increase the price of the collection.
Create an early warning system that can detect abnormal account activity and send instant text messages or email alerts to inform users of such activity so they have enough time to respond. For example, if the account has never bought or transferred more than one NFT within one minute; or if the account has never had any activities in the past during a specific time period , the occurrence of such activities will be detected by machine learning algorithms.
Some of these measures might create false alarms and inconvenience. But given it is a race of time against the hacker when it comes to preventive measures, users would rather be safe than sorry to avoid becoming the next victim.A common misconception about crypto hacking is that “this won’t happen to me because my security awareness is high and I use a hard wallet.
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