Bug in OpenSea makes hacker make money from buying and selling NFTs

A bug in the NFTs marketplace, OpenSea, allowed huge discounts to a hacker who made huge profits from the transactions. The flaw was discovered on December 31, 2021 and allowed the purchase of NFTs at old and even lower prices. Then the hacker would sell the non-fungible tokens, making huge profits. In the wallet of the attacker who presented himself as “jpegdegenlove” there was 347 Ether, the equivalent of US$770,000.

Coup had a robot as a partner

In the OpenSea scam, the hacker used a robot that scanned the blockchain for pending transactions. An NFT from the popular Bored Ape Yatch Club collection (the same one purchased by player Neymar) was listed below its value on July 21, 2021, being purchased for 23 ETH. The hacker managed to sell it for 135 ETH with an estimated profit of $300K.

One of the NFTs purchased at below market value was from the Bored Ape Yatch Club collection, the same one that soccer player Neymar Jr acquired two NFTs for over $1.1 million. Image: Twitter Neymar Jr

In addition, the hacker managed to acquire other famous tokens such as from Mutant Ape Yatch Club, CyberKongz and Cool Cats.

Read more:

  • Bitcoin drops below $34,000, lowest since July
  • Vivo opens 300 spaces for disabled people in six capitals
  • Investigation in India Links Cryptocurrency Crime to Hamas

Asked about the loophole, an OpenSea Discord admin confirmed to the report that, "If you had an open listing that you never canceled and never expired, it still exists."

One of the collectors watched his BAYC sell for 0.77 Ether and expressed surprise on Twitter upon realizing his NFT was gone.

Without exploiting the flaw, a token from this collection does not sell for less than 88 ETH, or around US$211,000, which corresponds to more than R$1.1 million. OpenSea has not commented on the case.

Via: InfoMoney

Have you watched the new videos on YouTube from Olhar Digital? Subscribe to the channel!

The post Bug in OpenSea makes hacker make money from buying and selling NFTs appeared first on Olhar Digital.

Comments are closed.