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According to DappRadar statistics, OpenSea trading activities plummeted by 37% to roughly $660 million. Additionally, the number of traders on the largest NFT platform decreased by over 20% to a little over 220,000.
OpenSea’s Trading Activities Drop
This major trading activity drop can be caused due to the effect of the recent heist on OpenSea. The attacker successfully imitated an OpenSea email inviting users to move their NFTs to a newer smart contract. The fraudulent e-mail by the hacker caused 254 tokens to be stolen from OpenSea’s users. The attacker's email smart contract duped the original holders into transferring their digital token to him for 0 ETH. Some of those assets have now been sold, resulting in a sizable profit for the culprit. Around 17 traders signed the contract, which served as a blank cheque, granting the hacker access to all NFTs kept on their wallets. As per Devin Finzer, OpenSea's chief executive, the attack resulted in a loss of $1.7 million. However, studies from independent research estimate the loss between $2 million and $3 million. As per the data from blockchain security provider PeckShield, the stolen NFTs included four Bored Apes, out of which three were sold on LooksRare, a competitor platform for a total value of US$667,000. One of the phishing attack victims, Timothy McKimmy alleged OpenSea of negligence due to which he lost a Bored Ape Yacht Club NFT. McKimmy wants the court to order reimbursement of $1 million. According to the global app store for decentralized applications, DappRadar observed a sizeable amount of decrease by 19 percent in traders using OpenSea. DappRadar claims that the trading activity on the rival platform, LooksRare dropped to 66% and the trading volume on BloctoBay increased by 215 percent.
OpenSea Disagrees With DappRadar’s Data
DappRadar’s data as observed in the last seven days reveals that OpeaSea’s trading volume fell by 65 percent and BloctoBay’s marketplace based on Flow blockchain had its trading volume surge by 215 percent. OpenSea feels that the data of DappRadar is inaccurate in contrast to Dune Analytics. OpenSea directed its recent statement to DappRadar saying,
“It's wildly irresponsible to draw conclusions in your headline without any technical backing or comparisons to other platforms. Furthermore, the data in the text of your story does not match the graphs in your story. For more accurate and complete data, please refer to Dune Analytics."
On Monday, OpenSea stated that the hacker’s crypto wallet has not seen any movements since the phishing attack. There has been no transaction activity observed in 24 hours. According to Nadav Hollander, the marketplace’s chief technology officer, the event discloses a need for awareness amongst traders concerning security issues.
Mintable Pledges to Return Stolen OpenSea’s NFTs
The new marketplace selling blockchain items, Mintable disclosed the recovery of three NFTs that were stolen in the recent OpenSea attack. The stolen NFTs were namely Azuki #1178, #4176, and #1180. Mintable has bought the three NFTs for 13.35 ETH each and wishes to return them to their previous holders. According to the press statement by Mintable, the NFTs were found on LooksRare.