OpenSea in Hot Water as User Files Lawsuit for $500,000

A prominent NFT creator and collector, Robert Acres, has accused OpenSea, the leading NFT marketplace, of negligence and extortion.

Acres was the victim of an NFT phishing attack that resulted in the theft of two NFTs, which were then sold on OpenSea.

Acres alleges that instead of promptly helping him retrieve his property and prevent resale by the thieves, OpenSea locked him out of his account for three months, causing him significant losses on the remaining 58 NFTs in his account.

Furthermore, he estimates his losses to be as much as $500,000 and is suing OpenSea to make good those losses.

The email reporting the theft to OpenSea support is timestamped prior to the sale of the stolen NFTs on the marketplace, and yet OpenSea has not taken any action to prevent the resale.

OpenSea’s initial response appears to be disingenuous, and the fact that the account was locked after Acres took issue with OpenSea’s failure to prevent the sale of the stolen NFTs adds to the allegations of negligence and extortion.