OpenSea sued for $1 million over stolen NFT

Deepak Gupta February 23, 2022
Updated 2022/02/23 at 4:36 AM

Recently an error was found in the platform of non-fungible tokens (NFT) OpenSea that allowed crackers to buy unlisted NFTs at well below market prices. At the time, a user ended up selling one of his NFT arts Bored Ape for a minimal price, he is now suing the platform, claiming the site knew about the breach and asking for a refund of at least $1 million.

According to information from decrypt, Timothy McKimmy claimed that your token Bored Ape #3475 Wasn’t Even Listed For Sale, Yet A Cybercriminal managed to buy it for only 0.01 ETHaround BRL 131, and resell for 99 ETH, around BRL 1,264,975.

The NFT of McKimmy was one of 10,000 limited-edition primate NFTs made by Bored Ape Yacht Cluband which was listed fourteenth in value, his art being even rarer than that recently acquired by Justin bieber for $1.3 million. Now the former owner is requesting for the OpenSea that or she returns to her NFT or pay damages in excess of $1 million.


Credits: Playback/YouTube/OpenSea

The accuser claims that the platform was aware of security issues that were well publicized in the media recently, where several arts were bought well below the market value. He also says that the platform refused to shut down its operations to fix the problemoperating normally even with several users being “robbed” at the time.

At the time, after users lost up to $1.8 million in NFTs, the platform even contacted some people who were victims of the error, offering a deal “for compensation”. But several users reported that the company’s proposal was less than the value of the stolen NFTs.

As pointed out by Engadgetthis should not be the only lawsuit against the platform for inactive listing, this is because a law firm is requesting complaints from other users against the OpenSea. In addition to this listing issue, the platform also fell into a phishing campaign that resulted in the theft of some NFTs.

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Source: Engadget, decrypt

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