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OpenSea serves as an example of why crypto security must improve By Cointelegraph

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In February 2022, OpenSea fell prey to a major phishing attack that resulted in over $1.7 million in nonfungible tokens (NFTs) being stolen from users. It wasn’t the only incident: Blockchain users reportedly lost $3.9 billion to fraudulent activity in 2022 alone.

As we entered 2023, there was a chorus of promises to increase security within the crypto space. But, so far, things haven’t significantly changed. Companies that utilize blockchain still aren’t doing enough to prevent scams.

Michael R. Pierce is the co-founder and CEO of NotCommon. He received both his BBA and MBA from The University of Texas at Austin.

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