OpenSea came to the fore with the news of an important theft. Famous A bug of the NFT platform cost at least $1.3 million. The thieves stole 8 valuable NFTs.
OpenSea’s error allowed opportunists to purchase NFTs at a much lower price. The person(s) who took advantage of this error of the platform sold the NFTs they bought very cheaply for a much higher price.
The initial investigation into the incident revealed that at least three hackers were involved and one of them used the name “jpegdegenlove”. NFTs in question Bored Ape Yacht Club, Mutant Ape Yacht Club, Cool Cats and Cyberkongz It came from the NFT series. The Bored Ape Yacht Club NFT was bought for a ridiculous $1,800 and sold for a whopping $196,000.
Rotem Yakir, a Twitter user, stated on Twitter that the bug was related to the fact that you can re-list an NFT without canceling it – which is no longer possible – and that previous listings are not canceled in the chain. He also warned users to stay away from OpenSea, adding that OpenSea is now an obsolete product:
** Urgent ** There is an @opensea devastating bug that will keep old listing and allow exploiters to buy the NFT using their API. Immediate action is to move your NFT to a new wallet or wallet without any previous listing. I will add a 🧵about it very soon
— Rotem Yakir 🍊 🌐 (@yakirrotem) January 24, 2022
Yakir, who posted a series of tweets about the incident, said of OpenSea, “The slow, bad interface makes you pay a lot more gas than you should with the old smart contract code and it is not useful for merchants.” commented.