OpenSea Bug Allows Hackers To Steal More Than $1 Million In NFTs

Premier NFT marketplace OpenSea may have managed to capitalize on the NFT boom to a massive $13 billion valuation, but its systems are still riddled with security holes, one of which has just been successfully exploited by hackers, resulting in $1 million in digital assets stolen.

According to our Security Team reported on January 25 that a vulnerability exists in the NFT market OpenSea that allows hackers to snatch rare NFTs from owners at prices far below market value and resell them for huge profits. As of Monday, at least three attackers, including Bored Ape Yacht Club, Mutant Ape Yacht Club, Cool Cats, and Cyberkongz NFTs, bought at least eight NFTs in the past 12 hours at prices well below their market value. One of the attackers, who goes by the pseudonym “jpegdegenlove,” bought seven NFTs for $133,000, then quickly sold them for $934,000. hackers managed to use the bug to purchase at least 8 NFTs for much less than what was considered their “fair market value”. All three incidents had occurred within a day of the report.

We kindly remind all of you each platform should pay attention to investigate their own vulnerabilities to avoid security losses caused by hackers; investors should also pay attention to their own assets security, investment risks, be vigilant to avoid asset loss.