OpenSea Bug Burned $100,000 Worth of Ethereum NFT

Gordon James


Buy and Sell Crypto

A bug in the OpenSea marketplace for NFTs has resulted in a loss of $100,000 worth of Ethereum. The company says it is not responsible and that they are working to fix the issue.

The nft buy is a command-line tool that allows users to trade NFTs on the OpenSea platform. In this case, the bug resulted in the loss of $100,000 worth of Ethereum NFT.

2 minutes ago | 20 seconds ago

NFT News

  • The OpenSea issue resulted in the loss of $100,000 in Ethereum NFT.
  • The issue has impacted 42 NFTs from various collectors.
  • Until recently, OpenSea has been silent about the issue.

OpenSea is a peer-to-peer marketplace for NFTs, rare digital goods, and crypto collectibles. It was the most popular site for buying NFTs at the time. In August, OpenSea had a transaction volume of $3.4 billion. However, on September 7, several OpenSea users discovered a roughly $100,000 loss.

As a result, Nick Johnson, the main developer of the Ethereum Name Service (ENS), tweeted on Tuesday that a problem in the transfer page that was introduced in the last 24 hours unexpectedly burnt NFTs that users tried to transfer to an Ethereum wallet using an ENS name.

I unintentionally burnt the first ENS name ever registered today. This is a brief summary.

September 7, 2021 — nick.eth (@nicksdjohnson)

Johnson, the ENS main developer, lost a non-fungible token (NFT) as a result of the flaw. Collectors lost at least 42 NFTs, according to data he compiled. Each NFT collection implies a loss of at least 28.44 ETH in NFTs, or over $99,000.

Furthermore, Johnson encountered the issue when transferring rilxxlir.eth, the first ENS name ever registered. He tried to put the NFT representing the ENS name into his own wallet (nick.eth), but OpenSea delivered it to a fake wallet address. “OpenSea’s interface failed to resolve the ENS name connected to his wallet and instead resolved the to address with some nonsense,” Johnson said.

After speaking with OpenSea, which he said had patched the issue, Johnson tweeted that he was the first and presumably only victim of the bug. Later, he discovered that the issue had impacted roughly 42 NFTs from various collectors.

Other users who were impacted by the event also tweeted about it, pleading for OpenSea to respond and compensate them. However, OpenSea has yet to make a public statement on the issue. Johnson eventually stated that the market is still writing a postmortem on the incident.

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