The largest digital marketplace for NFTs, OpenSea, is facing a $1 million lawsuit from a collector who says he lost his Bored Ape NFT to hackers because of a known security flaw.
A Texas resident is seeking a million dollars in damages after his prized possession was sold for a measly 0.01 ETH, which is well below market price, with Bored Apes frequently selling for hundreds of thousands.
According to a complaint filed with a federal court, McKimmy never put the Bored Ape on sale.
According to the document, the NFT was stolen and later sold for 99 ETH, or about a quarter of a million dollars.
It is part of a larger problem, with NFTs being stolen or resold left and right. It doesn't inspire much confidence in the NFT marketplace because of the constant scam and attack.
It's not the first time someone has taken advantage of the OpenSea exploit. The platform had to reimburse a user around $1.8 million ETH for selling their NFTs below market price due to a known exploit.
The hackers could have gotten a lot more out of the NFT they stole. His NFT is rare, so it might be worth more than the Bored ape he paid for.
Instead of shutting down its platform to address and fix the security issues, defendants continued to operate.
OpenSea merely told him it was investigating the incident after he reached out to them to fix the issue.
OpenSea is facing a $1 million lawsuit over stolen Bored Ape NFTs.
There is more on NFTs: Mrs. Trump was accused of buying her own NFT to avoid disgrace.
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