OpenSea Faces $1 Million Lawsuit Over Hacked Bored Ape NFT

OpenSea Faces $1 Million Lawsuit Over Hacked Bored Ape NFT

OpenSea Faces $1 Million Lawsuit Over Hacked Bored Ape NFT By DailyBitcoin Editor

A “boring ape” NFT, worth up to $1 million, was exploited and sold for just 0.01 ETH ($25). Its owner sued OpenSea.


the popular platform Open Sea they have been seen black this year. Yesterday he confirmed a phishing attack (impersonation to steal data) that had affected several users who lost their non-fungible tokens, NFT. Before that, in January, she had to pay $1.8 million in compensation to victims of an exploit that resulted in their NFTs being sold at well below market prices.

Now a former owner of an NFT from the well-known series Bored Ape Yacht Club (the famous and expensive “boring apes”) filed a lawsuit against the leading platform OpenSea.

The case is as follows: the owner of the ape of Bored Ape fell victim to a platform exploit involving inactive listings and led hackers to “buy” the Ape for just 0.01 ETH ($25, according to CriptoMercados calculator).

The victim is reportedly bitcoinist, a Texas resident, who filed the lawsuit late last week, seeking more than $1 million in damages or the legitimate return of your Bored Ape #3475. The user claims that Open Sea was aware of the bug on the platform that resulted in the ape selling 0.01 ETH. In addition, the man assures that he was not selling it when the exploit arose.

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The hacker received the victim’s Ape for 0.01 ETH and quickly resold it for 99 ETH, or about $250,000 at current prices. However, according to the media account, this ape is in the top 20% of rarity and “Many Bored Ape Yacht Club NFTs at this rarity level are worth more than $1 million, giving the dollar amounts in this lawsuit significant credibility.”

The complaint also blames the platform: estates that “instead of shutting down its platform to address and rectify these security issues, Respondent continued to operate. Defendant risked the security of its users’ NFTs and digital vaults to continue to collect 2.5% of each transaction without interruption.”

In addition, the plaintiff has argued that he has tried to solve the problem with Open Sea directly, without receiving a response.

It says Bitcoinist that depending on how this case unfolds, “There is a substantial opportunity for this lawsuit to set a precedent for NFT lawsuits against markets going forward, and this will be a case for all emerging NFT markets to watch.”

Sources: Bitcoinistarchive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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