Two OpenSea users withdraw lawsuit alleging OpenSea sold unregistered securities contracts

Recently, two OpenSea users, Anthony Shnayderman and Itai Bronshtein, voluntarily withdrew their securities lawsuit against Ozone Networks (doing business as OpenSea) in a federal court in Florida after Judge Cecilia Altonaga ordered last month to allow OpenSea to file a motion to force the two to arbitrate. OpenSea insisted that it would force the two users to arbitrate, adding that the platform "intends to act quickly to force the plaintiffs to arbitrate their claims in an agreed forum" and will appeal any dismissal of the court to suspend the case. Previous news, two OpenSea users filed a class action lawsuit in the federal court of Florida, USA, accusing NFT trading platform OpenSea of ​​selling unregistered securities contracts. Plaintiffs Anthony Shnayderman and Itai Bronshtein claimed that the NFTs they purchased on OpenSea (including the once high-priced Bored Ape Yacht Club series) were "worthless" because of their "illegal nature." The plaintiffs cited the U.S. Securities and Exchange Commission (SEC) Wells notice disclosed by OpenSea last month as an argument. They believe this suggests OpenSea could face legal liability for facilitating unregistered securities transactions.