OpenSea Was Hacked For $780,000

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OpenSea Was Hacked For $780,000
OpenSea Was Hacked For $780,000

The world’s largest NFT marketplace, OpenSea, has reportedly been hacked for 332 ETH.

Peck Shield, a blockchain security company that aims to improve the security, privacy, and usability of the entire blockchain ecosystem, announced this in a tweet.

At today’s market price of $2,350 per Ether, the monetary value is $780,200.

According to reports, the hack was caused by a bug in the front end of OpenSea, one of the world’s largest markets for Non-fungible Tokens (NFTs), which allowed users to purchase popular NFTs at their previous listing price.

The bug appears to be prevalent with Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collectibles, where the exploiter was able to purchase them at their original listing price and then sell them for the current market price. BAYC #9991, BAYC #8924, and MAYC #4986 are among the affected NFTs.

A user known as ‘jpegdegenlove’ is suspected of exploiting the current bug and profiting $332 Ether (ETH) ($780,000). There have been no comments from OpenSea on the matter.

This is not the first time OpenSea has encountered bugs of this nature; an earlier exploit on December 31st, 2021, saw a similar scenario, in which a bug appears to arise from the transfer of assets from the OpenSea wallet to a different wallet without canceling the listing.