Security Problems with NFT Marketplace OpenSea

1. SECURITY PROBLEMS WITH NFT MARKETPLACE OPENSEA rev3al.io

2. NFT exchanges have occurred with greater frequency over the last year. It has also inspired conversations on the safety of marketplaces. NFTs are digital assets stored on a blockchain representing items in the digital and real-world, including artwork, music, videos, and even real estate. rev3al.io

3. OpenSea is a peer-to-peer platform and the largest NFT marketplace, allowing users to exchange NFTs. While OpenSea claims that its platform is secure, some system flaws make it vulnerable to security problems like scams, frauds, and coordinated attacks. rev3al.io

4. A phishing attack occurs when the attacker poses as a trusted source to trick a user into revealing sensitive information and gaining access to their account. The attacker could also deploy malicious software on a victim’s system. They are always looking to gain access to a user’s wallet so they can steal their NFTs. rev3al.io www.rev3al.io

5. As recently as February 2022, OpenSea experienced a widely-reported phishing attack where users lost millions of dollars worth of NFTs. A Bored Ape NFT got lost in this hack, and its owner has filed a $1 million-plus lawsuit. McKimmy asserts that OpenSea was aware of its platform’s security vulnerabilities and continued to operate without notifying users or putting adequate safety measures in place. rev3al.io www.rev3al.io

6. In a separate attack in February 2022, hackers sent emails to OpenSea users asking them to move their listings to a new contract system. By clicking this link, users knowingly gave the hackers access to transfer ownership of any NFTs. This hack made away with $1.7 million in NFTs. rev3al.io www.rev3al.io

7. The popularity of the NFT ecosystem inspired more users to visit OpenSea over the last year. However, the site was not ready for this massive increase in activity and experienced an outage this past J anuary. rev3al.io www.rev3al.io

8. Design flaws are another issue with OpenSea’s site reliability. Bugs have created loopholes that have allowed people to buy NFTs for a fraction of their market value and resell them for profit. This design flaw stems from the ability to relist an NFT at a new price without canceling the initial listing. rev3al.io

9. Opensea actively monitors the platform and remove malicious content and scams as soon as they flag them. They also have a reporting tool so users can notify them about questionable NFTs, including inappropriate content and stolen work. rev3al.io www.rev3al.io

10. In addition, OpenSea has added an extra step in their purchase process to ensure buyers agree to their terms of service, including the right to remove content that infringes on the terms. Do your research, double-check URLs, and never share personal information with strangers. rev3al.io

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12. In addition, the REV3AL team’s expertise, combined with strategic partnerships with companies like NFT Tech, Forward Protocol, Metaverse, and many more, is notable. This network gives technical and strategic support and an unsurpassed distribution network. REV3AL incorporates additional dynamic layers of variable data interlaced within each feature to enhance the overall protection solution. rev3al.io

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