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Several leaders in the crypto space are criticizing the US Securities and Exchange Commission (SEC) and its Chair Gary Gensler for issuing non-fungible token (NFT) marketplace OpenSea with a Wells Notice . OpenSea’s CEO Devin Finzer shared in an Aug. 28 X post that the regulator warned the company of a potential enforcement action. It remains unclear whether the SEC will actually pursue legal action against OpenSea.  This is one of the few times the agency has considered labeling an NFT as an unregistered security. SEC Criticized For Its Ongoing Attack Against The Crypto Space Shortly after Finzer posted about the Notice on X, several industry leaders criticized the SEC for its continued attack against companies operating in the crypto space. The chief legal and policy officer at the Crypto Council for Innovation (CCI), Ji Kim, called the SEC’s assertion that NFT platforms should be considered securities exchanges “legally flawed” and “utterly r...

There is no clear downward trend in crypto crime, but a quiet month is undoubtedly more than welcome in the Web3 community. Web3 theft hit a low point for the year so far in October, CertiK reported. Losses to hacks, exploits and scams confirmed by the blockchain security firm amounted to $32.2 million for the month across 38 incidents, with no single incident leading to a loss of over $7 million. Compared to the ten-month total of $1.4 billion, losses in October were approximately a quarter of the running monthly average. January showed the second-lowest losses at $33.7 million. The October statistics were not the result of a steady decline in losses but rather show a lack of major incidents that month. October’s 38 incidents were a quantitative low as well. Major Web3 incidents in October. Source: CertiKAlert X account Certik’s third-quarter report indicated the number of incidents in July was 79, falling to 66 in August and 39 in September. Only exit scams were up in October and...

This guide delves into the significance of the OpenSea decentralized marketplace, its pros and cons, and its role in the NFT revolution. The rise of nonfungible token (NFT) marketplaces has ushered in a new era, fundamentally reshaping the way we perceive and interact with digital assets. They provide a new medium for artists to showcase their creations and establish a direct and meaningful connection with their audience. OpenSea has taken center stage in this revolution. What is OpenSea? OpenSea, the brainchild of Alex Atallah and Devin Finzer, came into existence in 2017. Their mission was clear: to establish an open and user-friendly marketplace for NFTs. Recognizing the transformative potential of these assets, the founders aimed to provide an NFT platform that would enable creators and collectors to actively engage in the emerging digital ownership economy. As the popularity of nonfungible tokens (NFTs) soared, OpenSea deftly expanded its horizons to encompass a wider array of bl...