OpenSea Losses $100,000 ETH NFT to a Bug!

OpenSea Losses $100,000 ETH NFT to a Bug!

Hack-attacks and bugs are now quite common upon most cryptocurrency platforms. With the evolution of all the entities of cryptocurrency, so do the means and ways for ethical hacking and bugging develop too. 

In spite of this, the latest platform to suffer now is not any crypto exchanges as usual, but rather an interesting platform. Yes, the one to suffer from a bug upon its platform is the OpenSea, the most renowned and biggest NFT marketplace.

The Loss of $100,000 ETH NFT

OpenSea is the largest and most renowned market platform when it comes to non-fungible tokens (NFT). Apart from this, the overall trade volume upon the platform mounts to about $3.4 billion for the month of August alone. 

However, the NFT trading platform has suffered miserably a few days back owing to a bug in its own platform. This bug has resulted in a complete vanishing of 42 NFTs which were based on Ethereum (ETH). Also, the total value of these ETH-based NFTs accounts to about $100,000. 

In spite of this, the head developer of Ethereum Name Service (ENS), Nick Johnson took upon Twitter regarding this. This ENS is a firm that provides simplified names to various Ethereum based crypto addresses, which enables easier transfer just by names instead of crypto wallet addresses. 

According to the tweet, Nick Jhonson states that a bug was introduced upon the OpenSea platform. Also, the bug decrypted the transactions of NFTs upon the platform which was being transferred to an Ethereum crypto wallet through the ENS name service. 

This has resulted in a loss of $100,000 worth of NFTs, which is actually 42 NFTs precisely. 

Jhonson’s Loss Experiences

Besides, the 42 NFTs being lost as such due to the bug upon the OpenSea platform, many users suffered profusely losing their NFTs. Among them, terming himself to be one of the first victims of the bug is Nick Jhonson himself. 

Accordingly, Nick Jhonson states that he tried to transfer an NFT using his ENS to another personal crypto wallet. And so, while transferring the NFT vanished as such during the process and went to an incorrect wallet address. The bug upon the platform redirected the NFT to some random wallet address. 

Moreover, it’s termed that the NFT is completely lost and nothing could be done to retrieve it back. Furthermore, Jhonson contacted and informed OpenSea of reading this bug, for which the OpenSea platform replied it will be resolved soon. 

However, Johnson came to a shock when he came to know it was not only him but many other users have lost their NFTs of about 42 different NFTs. 

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.