OpenSea’s woes expose gaps in NFT platform security
The inherent nature of blockchain technology makes it difficult to mitigate security risks, and current regulation offers investors little protection, experts say.
Konoly
June 14, 2022
The meteoric rise of digital securities shows no sign of abating. By some estimates, the money spent on non-fungible token NFTs last year equated to the amount pledged by countries at COP26 to phase out coal, or the funding earmarked by the World Bank to deploy Covid-19 vaccines.
But recent incidents of theft and fraud on OpenSea, the biggest NFT marketplace by valuation, have highlighted gaps in security, and underscored how sluggish regulatory progress is struggling to keep up pace with the development of the industry.
The recent OpenSea hack is an example of a phishing attack, a phenomenon that has...
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