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OpenSea Stops Sale of Stolen NFTs - Centralized?

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Agr8buzz
@agr8buzz
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2 min read

Turns out crypto isn't very decentralized at all. What does it mean when the worlds largest NFT market can freeze assets at will?

Art gallery owner Todd Kramer had his valuable NFT collection stolen from his hot wallet yesterday, so OpenSea froze the stolen assets worth about $2.2 million.

First of all, what the fuck is $2 Million worth of NFT's doing in a hot wallet?

How do you come to manage millions in assets but not give a single shit about security or at least have enough decency to phone a friend and ask how to secure these assets.

A Ledger Nano x is $150, just get one!

OpenSea Centralized

I don't know what's worse, OpenSea being centralized and freezing peoples assets or the fact a completely incompetent Art Gallery owner could be tasked with holding a colletion of BYAC's.

Total Stolen Digital Goods: one Clonex, seven Mutant Ape Yacht Club, and eight Bored Ape Yacht Club NFTs

Currently valued at about 615 ETH

Shortly after tweeting the list of stolen NFT's OpenSea went and frooze the assets so they could no longer be traded.

Did you think OpenSea was capable of this?

So the NFT's were stolen, and are now stuck on OpenSea forever I guess. I assume they're for sale and have been frozen in this state, unable to be removed from the smart contract.

Essentially these are no ones NFT's any more. Would you be surprised if OpenSea removed the NFT's from the stolen wallet and sent them back to the original owner whose hot wallet was hacked?

That may not be possible, but who's to say they couldn't force a sale to an internal OS wallet and gain custody, there might be ways..

At this point they might as well try, the cats out o!

Ciao for now,

@agr8buzz

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