A Texas resident, Timothy McKimmi, filed a lawsuit against the OpenSea marketplace after losing an NFT from the premium Bored Ape Yacht Club collection. Decrypt reports.
The plaintiff contends that the vulnerability led to sale of Bored Ape Yacht Club #3475 for 0.01 WETH. A later unknown individual resold the NFT for 99 ETH. At the time of writing the token listed on OpenSea at a price of 255 ETH ($651,550 at the current rate).
McKimmi stressed that he had repeatedly contacted the marketplace’s representatives, but was told that an investigation was ongoing.
“Rather than shutting the platform to address and fix these security issues, the defendant continued to operate. The defendant risked the security of users’ NFTs and digital wallets to continue taking 2.5% on every transaction,” the suit states.
According to the plaintiff, the marketplace developers knew about the bug and did nothing. He demanded “return the NFT and/or pay compensation of more than $1 million”.
McKimmi also pointed to forums on the topic, some participants of which described an allegedly offered non-disclosure agreement and “to obtain a payout at the minimum price of the NFT in the collection.” He urged those harmed to join the proceedings.
On December 31, 2021, the founder of the project freshdrops pointed out the bug, which allowed buying expensive tokens at undervalued prices, even if they did not appear in the OpenSea interface.
In January 2022, NFT owners were again warned about the vulnerability. Its exploitation implicated a user under the pseudonym jpegdegenlove, who earned 347 ETH.
Subsequently it emerged that OpenSea compensated affected users to a total of 750 ETH (~$1.95 million at the rate at the time).
On February 18, took place the OpenSea smart contract restart. The initiative is aimed at removing old NFT sale offers from the platform and closing the vulnerability.
On February 19, reports of thefts of users’ non-fungible tokens appeared online. OpenSea co-founder Devin Finzer said that an investigation had begun and added that the NFTs were stolen as a result of a phishing attack outside the marketplace.
According to updated information, 17 users were included in the list of those affected.
In September 2021, OpenSea led to the destruction of 42 NFTs worth $100,000.
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