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Marketplace bug sees at least $1 million of NFTs sold below market price

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LONDON : A bug in the largest NFT marketplace, OpenSea, allowed attackers to purchase at least $1 million worth of NFTs across multiple different wallets for significantly below market price, blockchain analytics firm Elliptic said on Monday.A non-fungible token (NFT) is a form of crypto asset, which reco

LONDON : A bug in the largest NFT marketplace, OpenSea, allowed attackers to purchase at least $1 million worth of NFTs across multiple different wallets for significantly below market price, blockchain analytics firm Elliptic said on Monday.

"Those old listings are now being used to buy NFTs at prices specified in the past - often well below current market prices." Around 20 minutes after Bored Ape #9991 was bought for 0.77 ether, it was sold on for 84.2 ether , according to blockchain records seen on OpenSea, giving the buyer a profit of more than $187,000.

One person paid a total of $133,000 for seven NFTs by exploiting the bug, before then quickly selling them on for $934,000, Robinson said.

 

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