• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
NFT NFTs OpenSea Ethereum
Advertisement

How This NFT Trader Lost His Funds On OpenSea, Does The Platform Needs To Change?

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in NFT
0
Advertisement

The NFT giant OpenSea recently faced backlash due to a sales incident. Digital artist and photographer Marco Grassi reported via Twitter the loss of “a major part” of his liquidity in a transaction to acquire one of the items from the Alien Frens collection. Grassi began his story with the following message:

We fight for decentralization, we are building web 3, and what I’m going to tell you now shouldn’t happen to anybody.

Related Reading | What To Expect For Bitcoin, NFTs, Blockchain, And Crypto At CES 2022

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Valued at 1.5 ETH, at the time of purchase, Grassi claimed he started the transaction to buy Alien Fren #7085 on OpenSea, an item with a characteristic aviator hat and an orange-like color. During the transaction, Grassi didn’t notice anything unusual, “no red flags or anything”.

Two hours after he made the purchase, Grassi re-listed his Alien Fren #7085 for 2.9 ETH. However, the artist was met with a surprise as OpenSea informed him that the items he just purchased were flagged as stolen.

Without his knowledge, Grassi purchased the item from the thief and now was unable to transact with Alien Fren #7085 due to the platform’s policies. The NFT artist said:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Out of the blue I get this warning on the NFT saying “Reported for suspicious activity”. Suddenly, I can’t sell or transfer the NFT on OpenSea anymore. Meanwhile, the price of the NFT Alien Frens (the OLU) goes up from 1.5 to 2.5ETH in just a few hours.

The artist followed common sense and opened a ticket with OpenSea support, but a day later there was no reply. In step, the artist was met with an automatic response that offered no solution to his issue and even told him it could take up to 7 days to receive a solution if any.

The NFT Community Stands To The Occasion

So, Grassi took the issue to Instagram, the social media where he has over 300,000 followers, and saw a prompt response from OpenSea. Support told the NFT artist that the item was flagged as stolen and therefore he will be unable to buy, sell, or even move the item.

In addition, OpenSea support informed Grassi that they were unable to refund the money he lost at the purchase. In the meantime, as the NFT artist denounced via Twitter, the thief was safe with the money and not paying any consequences for his actions, Grassi said while making an important question:

(…) at the end of the day: The guy who got his NFT stolen in the first place is fucked. Myself, that paid 1.5 ETH and lost a 1ETH gain? I’m fucked as well. The guy that ran away with my money is free to go and probably having a good time. Does this seem right to you?

A few hours after posting his experience with OpenSea, the Alien Frens project replied and sent Grassi his funds back. Via Twitter, the team behind the project asked the NFT marketplace:

Be better OpenSea. Marco (Grassi) send us your eth address we will return 1 ETH to you fren. Opens sea needs to make major changes, not to mention the $1,000s of dollars lost everyday from fake collections because OpenSea refuses to verify us.

Grassi’s story concluded with a happy ending. However, there could be others with different luck, people betting on their work, and trusting OpenSea to have their backs at a crucial moment without receiving a reply.

The NFT marketplace recently completed a Series C funding round with a $13.3 billion valuation with the potential to end 2022 with over five times its current trading volume. Remains to be seen if the platform will direct resources to address some of the concerns presented by its users.

Related Reading | NFTs Are Here To Stay And Billionaire Ray Dalio Wants One

As of press time, ETH’s price trades at $3,385 with an 11.7% correction in the past day.

NFT NFTs Ethereum ETH ETHUSD
ETH on a downtrend in the 4-hour chart. Source: ETHUSD Tradingview
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Reynaldo Marquez

Reynaldo Marquez

Related Posts

Check

How Checks VV Drove The Latest ‘Open Edition’ NFT Meta

21 hours ago
Squiggles

One Year Later: Federal Investigators Eyeing Squiggles NFT Creators For Wire Fraud & Money Laundering

5 days ago
NFT

Here’s Why The NFT Landscape May Have Changed For Better During Bear Market

5 days ago
NFTs Professionals Reveal Ways To Prevent NFT Thefts

How You Can Prevent Hackers From Stealing Your NFTs

6 days ago
Dookey Dash

Could Yuga Labs’ Dookey Dash Revive The GameFi Hype?

7 days ago
NFT Collector Who Fell To A Phishing Scam Takes OpenSea To Court

NFT Collector Who Fell To A Phishing Scam Takes OpenSea To Court

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF...

    4 hours ago
  • SinVerse Studios Announces $1 Million Buyback Program for...

    4 hours ago
  • Join the Revolution: Invest in STARSTAKING for 25% APY and...

    5 hours ago
  • The Crypto Bull Market Trend Has Started! What Does This...

    5 hours ago
  • Orbeon Protocol (ORBN) Grows 1625% During the Presale...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.