OpenSea sued for $500,000 by NFT collector for negligence

In this post:

  • Top NFT marketplace OpenSea has been sued by a collector for $500,000 over negligence and preventing him from accessing his account.
  • When the collector reached out, he claims that OpenSea responded a bit aggressively and offered no help.
  • The NFT marketplace has been seeing a rapid increase since the year started.

A nonfungible token (NFT) collector by the name of Robbie Acres is initiating legal action against the OpenSea NFT marketplace for a number of alleged transgressions, one of which is that he was prevented from accessing his account for more than three months as a result of falling prey to a phishing scheme.

He said that once his NFTs were taken from him as a result of a phishing fraud, he promptly informed the NFT marketplace of the situation.

Yet, the NFT collector asserts that he has had a great deal of difficulty. Acres claimed that it took more than forty-eight hours for them to react, and by that time, the stolen assets had already been sold at a considerably reduced price since the buyer prioritized speed above value.

OpenSea responds a bit aggressively

The well-known NFT marketplace took action as well, disabling his account to prevent any additional harm from occurring. Nevertheless, the NFT collector said that it was not the answer that he had been looking for.

According to him, OpenSea kept his assets as ransom for more than three months despite the fact that they were repeatedly demanded to be released. Acres further claims that in order for OpenSea to unlock his account, he was obliged to provide a statement in which he lied to himself.

In addition, he said that the market should be held responsible for the losses that occurred during the period in question. Acres is certain that the damages that have been assessed as a result of OpenSea’s conduct total $500,000 in total.

The NFT enthusiast, who claims to be an active investor in the Web3 community, said that the activities of OpenSea led him to suffer a considerable financial loss.

This may have been the result of either purpose or incompetence. As a result of this, he has sought the assistance of legal counsel in order to pursue legal action against the popular NFT marketplace.

OpenSea sees a rise in revenue

According to public blockchain statistics accessible on the analytics platform Dune, OpenSea has handled over $320 million worth of Ethereum NFT deals so far in January, easily topping December’s record of roughly $283.5 million.

In addition, OpenSea’s sales increased in December 2022 for the first time since April, reaching a new high of 254 million dollars, which was an increase from the previous month’s total of 253 million dollars.

The steadily increasing value of Ethereum is likely a contributing factor here. According to statistics provided by CoinGecko, the price of Ethereum has increased by 31% over the previous 30 days, reaching a current level of $1,605.

However, when converted to ETH, OpenSea’s January sales record of approximately 228,000 ETH just barely surpassed the December tally of 227,000 ETH. During the month of November, OpenSea recorded about 191,000 ETH worth of sales from Ethereum NFTs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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