Last Updated on February 23, 2022 by Anastasios Antoniadis
OpenSea is being sued by a man who unknowingly sold his Bored Ape NFT for a pittance. He claims that OpenSea knew of a flaw in their platform that allowed hackers access to unlisted NFTs at a fraction of the market price.
Timothy McKimmy claimed in a complaint that although he did not list his Bored Ape #3475 up for sale, a hacker bought it for.01ETH ($26) and then turned around to sell it for 99ETH ($250,000 at current market prices).
McKimmy stated in the lawsuit that the Ape is one 10,000-only Bored Ape Yacht Club primate non-foster primates and was supposedly valued at the top 14th percentile. It's much rarer than the Justin Bieber-purchased one for $1.3million. He is now seeking the “return of the Bored Ape… or damages exceeding $1 million.” “
He also claims that OpenSea knew of the widely reported by media outlets bug but refused to stop trading. The complaint stated that OpenSea did not shut down its platform to fix these security problems. Instead, Defendant continued operating.
McKimmy was one of many victims of OpenSea's “inactive listing” exploit that saw users lose as much as $1.8 million in NFTs. According to decrypt, OpenSea reportedly approached victims to settle and offered them a lower value than what their NFT might be worth.
OpenSea may face lawsuits of similar nature over the hack of the inactive listing. A law firm is reportedly seeking complaints from other OpenSea users. OpenSea is also facing another phishing campaign that led to the theft of NFTs. However, OpenSea claims that this did not arise from any platform vulnerability.