— due to a user interface issue on the NFT marketplace. The buyer who poached the NFT then resold it immediately for nearly $200,000, making a profit of $198,000 within an hour.identified
This issue is a much bigger deal when the NFT in question has shot up in value between the times of the original offer and when it's moved back to the same wallet. While the user now believes their NFT to be worth hundreds of thousands of dollars , the NFT gets sold for their original price, which might be as low as a thousand dollars. And it's this discrepancy that's causing such misfortune.
OpenSea has had this UI design since its launch. But the flaw has only been noticed by attackers in the last few months. The OpenSea spokesperson said the company has not communicated broadly about this issue"because we did not want to risk bringing it to the attention of bad actors who could abuse it at scale before we had mitigations in place."
Yogita_Khatri5 “decentralized” 😂😂😂
inversebrah Yogita_Khatri5 NFT Revolution incoming with Meta2Earn project 🚀 Each member of Meta2Earn can create and post their own NFT as a game artifact. Your NFT will have both an individual design and characteristics that you choose for it 🙌 Get huge profit on it 🤑
inversebrah Yogita_Khatri5 Finally, the first community hand-back I’ve ever heard of. For anyone that is new and recognises that - LooksRareNFT help yourself to OS’s private funds. This isn’t Amazon, this isn’t Ebay - This is nfts, defi and crypto. Welcome.
Timccopeland Yogita_Khatri5 instead of canceling the offer and paying gas fees to do so, they chose to move the NFT to a different wallet. This *isn't* the only issue. There were also issues where NFT never left the wallet but the OpenSea UI told users the NFT was delisted while order was still valid.
Yogita_Khatri5 Pay attention. Web3 frontend attacks need special care and an OpenSource solution. We can either tokenize trust a la web2. Or we can build sturdy permissionless interfaces that can be verified.💡