NFT faucet sues OpenSea

This month, OpenSea found itself embroiled in a new lawsuit as an NFT faucet filed a lawsuit against the digital asset market. The essence of the lawsuit is that the user was blocked from his account for more than three months due to phishing.

Whereas the user quickly took action when he discovered the scam and then reported it to the OpenSea team. But instead of having a hassle-free experience, he says, he has made it clear that all he has are hardships and challenges.

From the time it took to report it, he only received a response after 48 hours, the digital assets were sold and lost. Moreover, the OpenSea team also responded to the message by blocking the user’s account, which was a measure to prevent further loss and damage. The user himself did not consider it in the same way, adding that the market demands a ransom for his assets despite demands to unlock them.

To unlock his account, the OpenSea team allegedly required the user to make a statement that amounted to perjury. The result of all this testing? Potential liability of OpenSea for damages in excess of $500,000 due to their slow actions and actions against the user.

Because of this, the user has now enlisted the help of a team of lawyers led by Enrico Schaefer. Schaefer, who has dealt with similar cases before, explained how OpenSea’s approach shows fundamental failures as its strategy seemed to ignore the issues.

Theft is a chronic problem in the cryptocurrency and NFT market, and legal institutions are only catching up with the number of cases of theft and phishing.

Back in August 2022, OpenSea introduced a policy on stolen items, including police reporting, to expand its support for victims. Even with this update, this user was not the only one to express frustration as Twitter users reported their issues with the online NFT marketplace.