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NFT marketplace bug undervalues tokens, helps exploiter nab $750,000

The NFT marketplace bug was reportedly discovered on Dec. 31, which showed transferred NFTs as listed on OpenSea.

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NFT marketplace bug undervalues tokens, helps exploiter nab $750,000

A bug in the front end of popular nonfungible token (NFT) marketplace OpenSea has reportedly led to an exploit allowing users to buy popular NFTs at their previous listing price. The bug appears to have been found with the Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collectibles. An exploiter was able to purchase them at the old listing price, then sell them at the current market price. The affected NFTs include BAYC #9991, BAYC #8924, MAYC #4986.

Opensea User Activity Tab Source: OpenSea

A user named jpegdegenlove is suspected of exploiting the current bug and has reportedly profited 332 Ether (ETH) ($754,000). Cointelegraph did not receive an immediate response from OpenSea.

Reported exploiter Ether wallet balance Source: Etherscan

An earlier exploit on Dec. 31 saw a similar scenario, wherein a bug seemed to arise from the transfer of assets from the OpenSea wallet to a different wallet without cancellation of the listing.

Related: Nifty News: FLUF World and Snoop Dogg fundraise, Adidas and Prada NFTs, WAX gifts 10M NFTs

One Twitter user explained that when a user lists their collectible for auction on the OpenSea and decides to cancel it, the marketplace charges a significant fee and the floor price of the collectible also decreases. One user found a solution to this problem: They transfer their asset into a different wallet and the marketplace will remove their listing from OpenSea. The bug however keeps the listing active via OpenSea’s API.

1/ Recently there’s been an @opensea exploit that has allowed for assets to be purchased at greatly discounted prices, including 3 freshdrops passes, a BAYC https://t.co/8pEgeXkOBo, multiple MAYCs, and more. I did some research this morning and here’s what’s happening -> a

— cap10bad.KsTH | freshdrops.io (@cap10bad) December 31, 2021

Users may check if their listing was removed from Rarible. Rarible is another NFT marketplace that uses OpenSea’s API. Although the user claimed the bug was reported after December’s incident, the platform did not take any action to correct it.

NFTs exploded in popularity in 2021 with major brands and celebrities all hopping on the bandwagon, which has attracted an increasing number of scams.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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