NFT Marketplace OpenSea to Refund $1.8 Million After Hack

• Last week NFT marketplace OpenSea suffered an exploit that allowed hackers to purchase NFTs at a fraction of their original price

• Elliptic identified five users who have exploited this loophole to purchase a minimum of twelve NFTs

• OpenSea has now refunded $1.8 million to users that suffered losses to the hackers

One of the world’s leading NFT marketplaces OpenSea had refunded its users’ funds lost following a hack of the platform last week.

Last week, Elliptic reported that the NFT platform suffered an exploit that allowed hackers to purchase NFTs below their market value.

Elliptic’s report says that the purchased NFTs include offerings from the Bored Ape Yacht Club, Mutant Ape Yacht Club, Cool Cats, and CyberKongz NFT families.

NFTs with a market value above $1.1 million were purchased for fractions of their values as hackers used this exploitation technique.

The Elliptic report explained that the hackers relied on the fact that NFT owners were unaware that old price listings for their NFTs are still active.

Now the NFT company has reported that it is set to refund about $1.8 million to users who suffered investment losses.

According to Bloomberg, the company claims that the losses were caused due to confusion about a feature on the platform.

The report states that the company refunded a total of 750 Ether for 130 wallet items that were bought at discount prices.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news.