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OpenSea Launches new Listing Manager After $1.3 Million Worth of NFTs Were Stolen

By:
Oluwapelumi Adejumo
Updated: Jan 25, 2022, 10:28 UTC

OpenSea has added a new listing manager after users revealed that a bug was being exploited to buy NFTs at prices less than their market value.

OpenSea Launches new Listings Manager After $1.3 Million Worth of NFTs Were Stolen

The number one non-fungible token marketplace, OpenSea, has announced that it’s launching a new listing manager. This came after a hack on the platform led to users losing over $1 million worth of NFTs.

OpenSea’s bug Leads to NFT Loss

The hackers exploited a bug on OpenSea’s user interface that made it possible to buy the NFTs way below their market value. They then resold the same digital tokens immediately for profits. At least three individual hackers took advantage of this bug, making over a million in the process.

According to a report from Elliptic, the attack resulted from the fact that users could relist an NFT at a new price without canceling the initial listing. This makes it possible for anyone who saw the initial listing to swoop in and buy way below the newly intended price.

One of the attackers was able to buy 7 NFTs for $133,000 and resold them for $934,000. Another purchased a Mutant Ape Yacht Club NFT for $10,600 and sold it for $34,800 worth of ETH. This bug has been on the platform for weeks before its current exploitation.

Crypto Community Reacts to OpenSea’s new Solution

With the new listing manager feature, users will be able to see what they’ve listed for sale and edit it appropriately. According to OpenSea, it can’t cancel listings for users, and that’s why it has developed this new feature.

But some users are complaining that this feature doesn’t solve the problem for those who lost their NFT. One user asked why it was not possible for a listing to be auto-canceled on transfer to a new wallet.

Other members of the crypto community have also commented on the exploit. The CTO of Ledger, Charles Guillemet, stated on Twitter that listing assets on OpenSea is unsafe. Jenna Pilgrim, the CEO of Streambed, a blockchain media startup, also said that while OpenSea has a great interface, it’s at the detriment of security.

This is not the first time the NFT platform is in the news this year. The marketplace recently broke its monthly trading volume record with weeks to spare, leveraging on the growing popularity of the space.

About the Author

Oluwapelumi is a firm believer in the transformative power power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas about how the industry could play a pivotal role in the emerging financial system. When he is not writing, he is looking to meet new people and trying out new things.

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