Sunday, May 22, 2022
  • 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
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • 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
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • 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
2.8k
VIEWS
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)

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

ADVERTISEMENT

RELATED ARTICLES

Fake Pixelmon site
Security

Malware Lurks In Fake Pixelmon NFT Site

by Ian Chee
May 19, 2022

NFTs are not exactly something that is popular with gamers. This is especially when publishers push them onto gamers for...

Read more
spotify nft
Cryptocurrency

Spotify Testing NFT Listings For Artists

by Ikmal Rozlan
May 17, 2022

Spotify is apparently experimenting with adding non-fungible tokens (NFT) onto its platform for the benefit of artists. According to Music...

Read more
Bitcoin crypto mining
Cryptocurrency

Bitcoin Loses More Than RM40000 In Value In Less Than A Month

by John Law
May 13, 2022

Bitcoin's value dropped to its lowest point this month, with more than RM40000 of its value being wiped out in...

Read more
kfc original moments nft
Cryptocurrency

KFC Malaysia Launches Original Moments NFT Collection

by Ikmal Rozlan
May 10, 2022

KFC Malaysia has just launched a new NFT collection featuring artwork depicting classic KFC moments. There are 11 NFTs in...

Read more
Load More
No Result
View All Result

TRENDING TODAY

  1. 1
    Smartwatches

    Huawei Watch Fit 2 Coming Soon To Malaysia For RM599

  2. 2
    Mobile Phones

    OPPO Find X5 Pro Review: Solid Flagship, But Something’s Missing

  3. 3
    Events

    Anyone Can Be A Filmmaker By Joining Samsung’s Short Film Competition!

  4. 4
    Hardware

    Illegear Unveils Flow External Liquid Cooling System For Laptops: Available For RM599

  5. 5
    Tablets

    realme Pad X Unveiled; Launching In China Next Week

Lowyat.NET

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
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

We use cookies to improve your experience. Learn More.