World's biggest NFT marketplace exploited, nearly $800,000 stolen

Reports indicate that the world's largest NFT marketplace has been exploited by a user that has stolen nearly $800,000 in NFTs.

@JakConnorTT
Published Tue, Jan 25 2022 3:01 AM CST   |   Updated Mon, Feb 21 2022 12:03 PM CST

One user has managed to purchase a Bored Ape Yacht Club (BAYC) NFT for tens of thousands less than the price it originally listed for (floor price).

According to a report from Decrypt, Twitter user Tballer announced that he had "lost an ape" and that he began to cry when he had realized what had happened. Tballer's ape sold to "jpegdegenlove" for just 0.77 Ethereum (ETH), which is about $1,700. Additionally, the same buyer also purchased two more BAYC NFTs, one for around $14,000 and another for around $50,800. Notably, the floor price or starting price for a BAYC NFT is 86 ETH, or around $200,000 (at the time this was written).

So, how did this happen? After a group of Twitter users got together on a thread to work out how it was possible that these Bored Apes sold for less than the floor price it was discovered that TBaller, and some other users attempting to sell their NFTs didn't pay the correct amount in Ethereum gas fees to completely de-list their NFT from the marketplace. Instead, these users chose to use OpenSea's "transfer" feature.

World's biggest NFT marketplace exploited, nearly 0,000 stolen 03 | TweakTown.com
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Decrypt explains that if an NFT holder transfers an NFT from a main wallet to a secondary wallet and then back to the main wallet, it causes the NFT to de-list from the OpenSea marketplace. Notably, this exploit doesn't cancel previous listing on the blockchain. In response to this issue OpenSea have reportedly rolled out a silent update that adds the feature called a "Listings" tab that will allow for users to add and remove active and inactive listings.

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NEWS SOURCE:decrypt.co

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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