Pala, Korea’s #1 NFT Marketplace, is working to create a reliable NFT trading ecosystem through sharing information and selective listing policy.
In case of self-monitoring by Pala or reports from users, Pala aims to protect user's assets through the following actions:
1) ‘Trade with Caution’ Announcement or Delisting through determination of projects’ suitability
2) Temporary delisting in emergency situation
3) Hidden process of stolen/hacked NFT
1. ‘Trade with Caution’ Announcement or Delisting
In the case of Pala's self-monitoring or user reports, Pala will comprehensively determine the suitability of the project based on the following factors:
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Manifesto or Roadmap
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Team Member Reliability
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Total Volume
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Backer
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Open-Source
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Code Audit
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Project Content
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Community
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Pala shows ‘Trade with Caution’ in project page for the project that has been determined ‘partially unsuitable’ as a result of the Pala Screening Process. The project team or the person involved can appeal to the Pala within 3 working days.
‘Trade with Caution’ Notice in Project Page
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As a result of the Pala Screening Process, Pala notifies the unsuitability of the project, and the project team or the person involved who does not wish to be delisted must give an explanation within 3 working days.
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If there is no reply or if explanation is not sufficiently provided within 3 working days, Pala can delist or hide the project.
2. (Temporary) Emergency Delisting
If Pala determines that it is an emergency situation, Pala may immediately process a Temporary Delisting and will notify the project team or the person involved to protect the users of the Pala ecosystem
Any project team or person involved that does not wish to be delisted must give an explanation to Pala within 48 hours of notification for the Temporary Delisting.
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If there is no reply or if explanation is not sufficiently provided within 24-48 hours, Pala can delist or hide the project.
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Pala cancel the Temporary Delisting if the project team or person involved reasonably explains the circumstances, causes and solutions to Pala within 24-48 hours.
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Pala may make a comprehensive determination of the emergency situation based on the following factors:
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Service Termination
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Official Website Shutdown
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Official SNS Account Deleted or Shutdown
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Disappearance of Project Team Member
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Emergency Community Issue
3. Hidden process of stolen/hacked NFT
In the case of Pala's self-monitoring or user report, Pala can hide the specific NFT for stolen cases based on the following factors:
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Police Report
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Transaction Analysis
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Reported Evidence of Hacking
We ask for your understanding that it is not possible to stop the movement of assets for hacked or stolen NFTs, due to the nature of the blockchain.
Pala supports hidden processing so that the asset cannot be checked, listed for sale, or transferred in the NFT marketplace, and when the issue is resolved, it can be restored through a report.