OpenSea: Hackers Steal $1m NFT at Discount Price

• A bug in NFT marketplace OpenSea has allowed hackers to buy rare NFTs below their market value

• According to blockchain analytics company Elliptic, the bug was exploited to steal NFTs with a market value of over $1 million

• One of the major losses saw the hacker purchase an NFT for $1,760 using the bug and then reselling it for $192,400

A bug in NFT marketplace giant OpenSea has allowed hackers to purchase more than $1 million worth of NFTs at discount prices. The attack was reported by blockchain analytics company Elliptic on Monday.

Non-fungible tokens (NFTs) are a form of digital assets like cryptocurrencies, which have their ownership status recorded on the blockchain.
OpenSea is the world’s largest marketplace for NFTs and buyers and sellers converse on the platform to swap NFTs for cryptocurrency. So far, more than $4.8 billion worth of transactions has been carried out on the platform in 2022.

Read also: Neymar Becomes the Latest Star to Invest in Viral Bored Ape NFT

Hackers capitalized on a flaw in this marketplace to buy certain NFTs that had been listed in the past without the knowledge of the owners.
One of such hacks allowed an attacker to buy an NFT of the Bored Ape Yacht Club collection for 0.77 ETH ($1,747), despite that NFT collection being sold for hundreds of thousands of dollars.
Some minutes after purchasing the NFT at that price, the hacker sold it for 84.2 ETH ($189,040), making a profit of more than $187,000.
One attacker managed to purchase 7 NFTs for $133,000, taking advantage of the bug and he sold them for $934,000.

OpenSea which was founded in 2017 is currently valued at $13.3 billion, following a global rise in NFT interest.

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