A non-fungible token (NFT) collector has brought legal action against the OpenSea NFT marketplace for a series of alleged violations, one of which is that he was prevented from accessing his account for more than three months as a result of being a victim of a hack. phishing. scheme. “It took them over forty-eight hours to respond, and at that point, the stolen goods had already been sold at a drastically reduced price as the buyer had prioritized speed over value.”

Furthermore, the NFT marketplace took action and locked his account to prevent further damage from happening.

Acres, on the other hand, claims that this was not the answer he was looking for. “Despite my continued requests to release my assets, OpenSea held my assets for ransom for almost three months,” he said. In addition to this, the investor claims that in order to unlock his account, OpenSea asked him to provide a statement in which he lied under oath.

The NFT investor is of the opinion that the market should be held responsible for losses incurred during the period in question.

Acres is confident that the damages that have been assessed as a result of OpenSea’s conduct total $500,000.

As a result of this, Acres sought the assistance of legal counsel to pursue legal action against OpenSea.

The lawyer verified that there are several clients struggling with the same problem.

Schaefer explained: “In the OpenSea marketplace, I have had conversations with and represent several clients who had their NFTs stolen or had their accounts hacked in some way.

In some circumstances, OpenSea will take responsibility for its mistakes and make the account holder whole again.

In other cases, OpenSea chooses to simply ignore the problem.

Aside from this, the lawyer made the following observation: “OpenSea should not be distracted by growth, investor money or gross revenue; instead, it should focus on the people who buy and sell non-fungible tokens (NFTs), their consumers The alleged theft occurred outside of OpenSea and the products were sold before OpenSea was aware that the crime had been reported. As soon as we found out about the situation and received the notification, we deactivated the products in question and the user’s account has been unlocked ever since.”

In addition, the platform said that it has made investments in equipment and employees to prevent and identify theft and stop the resale of things that have been stolen through its platform.

The NFT marketplace implemented a new regulation on stolen items on August 11, 2022, with the intention of incorporating and expanding the use of police records.

In reaction to this, several users took to Twitter to claim that OpenSea was unable to help them recover their NFT after it was stolen.