• 16 July, 2024
News

Hackers Found a Way to Bypass OpenSea Security Protocol When Selling Stolen NFT

For the second time in a week, hackers have utilized the matchAdvancedOrders feature of the OpenSea Seaport protocol to sell stolen NFTs despite the mark’s efforts to prevent the transaction. OpenSea’s security policy (blocking cannot be sold) is circumvented via this feature, although the offer can only be made if there is a willing buyer.

Franklin, a Bored Yacht Ape Club holder, was the one who broke the news to the general world via his Twitter account. Franklin tagged OpenSea on January 20, requesting that they modify their policy in some way.

It would seem that the holder of BAYC had paid 65 WETH for a stolen ape NFT; however, he is unable to resale the NFT since it has already been tagged as stolen before the transaction takes place.

The cryptocurrency community on Twitter is slamming OpenSea for this, and the company has not yet responded to the criticism or made any attempt to smooth things up.

Interestingly, OpenSea’s CEO Devin Finzer has said that he intended to dissociate non-fungible tokens (NFTs) from cryptocurrencies since the industry is being impacted by the knock-on effect of a number of scandals.

In July 2022, the firm laid off twenty percent of its workforce due to Finzer’s expectation of a sustained decline in market conditions, bringing the total number of workers at OpenSea to about three hundred right now.

According to information obtained from the analytics platform Dune in December 2022, the second-place NFT marketplace Blur passed the first-place NFT marketplace OpenSea in terms of the amount of sales. The market of NFTs saw a particularly steep decline in 2022, although it began to climb again toward the end of that year.

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