Sunday, January 29, 2023
  • Hype
  • Murai
  • Lipstiq
  • Diva
  • Varnam
  • Moviedash
  • Autofreaks
Lowyat.NET
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables
No Result
View All Result
Lowyat.NET
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables
No Result
View All Result
Lowyat.NET
No Result
View All Result
Home Cryptocurrency

OpenSea Exploit Let Attackers Score Rare NFTs At Below Market Prices

One hacker bought a Bored Ape NFT for 0.77 ETH and later resold it for a whopping 84.2 ETH.

by Heirul Kamel
January 25, 2022
opensea nft exploit bug nfts
141
SHARES
Share on FacebookShare on Twitter

Hackers have exploited a major bug on popular NFT (Non-Fungible Token) marketplace OpenSea, which enabled them to acquire rare NFTs at below market prices. This in turn led to huge losses for the original owners, but netting hundreds of thousands of dollars in resale for the attackers.

According to blockchain analytics company Elliptic, the exploit is speculated to originate from the ability to relist an NFT at a new price, without cancelling the original listing. It added that the previous listings are now being used to purchase the bugged NFTs at prices that were specified at some point in the past, which is well below current market prices.

opensea nft exploit bug nfts
Image: Elliptic

NFT owners have actually acknowledged the existence of the OpenSea bug since the beginning of the year, but had received no response from the marketplace. Things only took a huge turn for the worst on 24 January 2022, where attackers have been reported to utilise the exploit multiple times within 12 hours to nab several NFTs with market values of over US$1 million at only four-figure prices.

One of these is a token for an artwork from the popular Bored Ape Yacht Club collection, which was bought by a hacker at 0.77 ETH (~RM 7,810) and then later resold to another buyer for a hefty profit of 84.2 ETH (~RM 854,127). Elliptic added that the culprit, known by the pseudonym “jpegdegenlove” on OpenSea, sent the newly earned ether through Tornado Cash: a “mixing” service that is used to prevent blockchain tracing of funds. At the time of writing, the hacker’s account now no longer exists on the marketplace.

I didn’t list me ape at all…. Now I’m seeing DMs it sold for .77?????? Wtf??????

ADVERTISEMENT

— TBALLER.eth (@T_BALLER6) January 24, 2022

OpenSea has yet to officially acknowledge the exploit, and did not respond to any inquiries related to the issue. Additionally, it is not known whether the marketplace plans to take any form of action towards the attackers, or provide compensation to the original owners.

(Source: Reuters / Elliptic)

Follow us on Instagram, Facebook, Twitter or Telegram for more updates and breaking news. 

Tags: BugExploitNFTNFTsOpenSea
Updated 11:49 am, Wed, 26 January 22
Back to top
Share56Tweet35SendShare

RELATED ARTICLES

GTA Online
Gaming

GTA Online PC Hacks Allow Remote Stat Modification, Account Corruption

by Ian Chee
January 24, 2023
Pokemon scam
Security

Hackers Use Fake Pokemon NFT Card Game To Take Over PCs

by Ian Chee
January 9, 2023
Square Enix
Gaming

Square Enix President Doubles Down On Blockchain

by Ian Chee
January 3, 2023
Nintendo Switch Review
Gaming

Nintendo Patches Vulnerability In Switch, 3DS, Wii U Games That Let Devices Be Taken Over

by Ian Chee
December 29, 2022
Load More

ADVERTISEMENT

LOWYAT.TV

No Result
View All Result

TRENDING TODAY

  1. 1
    Fintech

    Touch ‘n Go To Be Scrutinise By KPDN’s Task Force Soon

  2. 2
    Entertainment

    Malaysia’s First IMAX With Laser Hall Is Now Open At GSC IOI City Mall East

  3. 3
    Automotive

    The First TNB Electron DC Fast Chargers Are Now Operational

  4. 4
    Cryptocurrency

    OpenSea Exploit Let Attackers Score Rare NFTs At Below Market Prices

  5. 5
    Computing

    The New Mac mini M2 And M2 Pro Are Made In Malaysia

Consumer Tech News & Reviews Malaysia

NETWORK

  • Hype
  • Murai
  • Lipstiq
  • Diva
  • Varnam
  • Moviedash
  • Autofreaks

ABOUT

  • Advertise
  • Careers
  • Privacy Statement
  • Contact Us
  • Editorial Policy
  • Terms & Conditions

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

No Result
View All Result
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to improve your experience. Learn More.