A bug on leading NFT marketplace OPENSEA has allowed a BAYC NFT collectible to change hands well below the floor price. Bored Ape #9991 was bought for 0.77 ETH or around $1,747 on Monday, January 24, even though such NFTs usually fetch hundreds of thousands of dollars.
A flaw in the marketplace allowed users to buy certain NFTs at prices they had been listed for in the past, without the owner realizing that they were still on sale. Moreover, the bug allowed attackers to purchase at least $1 million worth of NFTs across multiple wallets for significantly below market price.
Tom Robinson, the chief scientist and co-founder at Elliptic, and first to spot the discrepancies, observed that the exploit appeared to come from the fact that it was previously possible to re-list an NFT at a new price, without canceling the old listing. Those old listings were now being used to buy NFTs at previously specified prices — often well below current market prices.
For example, an NFT of a cartoon ape from the Bored Ape Yacht Club collection, Bored Ape #9991, was bought for 0.77 in ETH, or around $1,750 on Monday. Using the DappRadar portfolio tracker, we can take a look inside the wallet of the new owner. More importantly, at the trading history.
The bug allowed the trader to get their hands on the BAYC NFT, with a floor price of around $220,000 for under $2,000. Of course, the lucky buyer then put the NFT back on sale at 84.2 ETH, or approximately $200,000. Within minutes the item sold, and the investor pocketed around $197,000 in profit after fees.
BAYC Community to the Rescue
As attacks continue, OpenSea has not released any official announcement yet, but the affected NFT collectors are not happy. However, as is becoming the norm in the blockchain industry, the solid BAYC NFT community is rallying around the issue and looking to solve it without OpenSea’s assistance.
As celebrities, investors, and top brands continue to flock to NFTs, driving sales volumes and prices of some sought-after NFTs through the roof, this latest bug may give some admirers a more compelling reason to pause and let the dust settle.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, ENS, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.
