A total of $18.5M BAYC NFTs have been stolen on Opensea. Recently, new data from a Dune analytics platform user has found that more than $18.5 million worth of Bored Ape Yacht Club (BAYC) NFTs have been flagged as stolen or suspicious on the OpenSea marketplace.
Not only the 130 Bored Apes, but also a staggering amount of other bluechip NFTs have been frozen on the OpenSea platform, including 268 Mutant Ape Yacht Club NFTs, 153 Azuki, 202 CloneX, and 70 Moonbirds NFTs.
Complaints About The ‘Stolen’ NFTs
Despite the ‘flagging for suspicious activity’ feature being made to protect users and avoid scammers from reselling stolen NFTs, many users have stepped up to complain about OpenSea’s “broken” flagging system.
Many users, like Twitter user @0xQuit have complained that Opensea’s policy and system for stolen NFTs is extremely flawed as the punishment of the NFT asset being frozen often affects innocent buyers rather than the scammer.
Opensea's flagging of stolen NFTs punishes one person: the innocent buyer. The scammer isn't affected, the scammee doesn't get justice, but the poor guy who scraped and saved and finally bought an ape gets slapped in the face.
— quit.q00t.eth (@0xQuit) July 2, 2022
Falsely Reported NFTs
Recently, it seems that not all of the Bored Apes or NFTs that are reported and flagged as ‘suspicious’ on Opensea seem to actually be stolen. Many holders have begun to step up saying that their NFTs have been ‘falsely’ flagged for no particular reason, with no proof or evidence that the NFT had actually been stolen.
Excuse me? I bought my CloneX 88 days ago and a suspicious flag was added by Opensea just today? Can anyone just report any item now?? There are no suspicious trading or transfers on the item at all.
— Jennifer (@Jennifer19375) July 4, 2022
It seems that of the $18.5 million flagged and frozen Bored Ape NFTs on Opensea, some of them may have been victim to being falsely flagged. Aside from that, many of the owners of these frozen NFTs seem to have become victim to OpenSea’s flawed system after unknowingly buying a stolen NFT.