OpenSea is being sued by Timothy McKimmy, who says he lost his non-fungible token (NFT) because of a flaw in its user interface (UI). He says the platform knew about it but didn’t “immediately implement necessary safety measures.”
The plaintiff alleged in a case filed in federal court in Texas that his NFT, Bored Ape # 3475, was sold for a fraction of its true worth without his permission. According to him, the customer purchased the NFT for ETH 0.01 (USD 25) and then resold it for ETH 99. (USD 251,300).
The defendant continues to run its platform rather than shutting it down to address and repair these security problems. The defendant jeopardised the security of its users’ NFTs and digital vaults in order to continue unintentionally collecting 2.5 percent of all transactions “rupted,” the lawsuit alleges, blaming OpenSea for carelessness and failing to secure the platform’s safety.
According to Rarity Tools, the bored ape in question is one of the top 1,400 rarest items in the 10,000-piece collection. According to the same source, McKimmy’s Ape NFT is substantially more uncommon than Bored Ape #3001, which was recently sold to Canadian musician Justin Bieber for ETH 500 (USD 1.4m).
As previously reported, some opportunists were able to acquire NFTs at a discount to their genuine price in January owing to an OpenSea glitch. According to a statement sent to Cryptonews.com, the problem occurs when users establish listings for their NFTs and then move the listed NFTs to another wallet without deleting the listing.
There have been a lot of people who say that their blue-chip NFTs were sold without their permission.
OpenSea did compensate harmed users with ETH 750 (USD 1.9 million). However, the refund may cover just a fraction of the losses.
Meanwhile, OpenSea was also the target of a weekend phishing campaign. The platform has been able to narrow down the list of affected users but has not been able to pinpoint the specific cause of the problem.
They said today that their contract migration tool has been ruled out as a possible way for hackers to get into your account. They said that it is “safe to move your listings.”
The attack no longer seems to be active, but we are continuing to monitor. We have not seen activity from the attacker’s wallet in >36 hours. We’re continuing to investigate.
— OpenSea (@opensea) February 22, 2022
Meanwhile, the number of those affected has been reduced to 17.
