en
Back to the list

OpenSea Fixes Vulnerability, But Users Are Still Losing NFTs To Hackers


coingape.com 28 January 2022 18:56, UTC
Reading time: ~3 m

The OpenSea vulnerability which analysts first got wind of a few days ago appears to have not been fixed. According to new data, OpenSea users are still losing their pieces to hackers. Another eight NFTs have been exploited and sold without the owner’s consent for a huge profit by hackers.

OpenSea exploit continues

Hackers have been exploiting a major bug that allows them to list and sell rare NFTs on OpenSea at below their market value. According to blockchain analytics firm, Elliptic, the vulnerability is originating from the ability to relist an NFT at a new price, without canceling the original listing. The hackers exploited the bug by buying the NFTs at prices for which they were listed in the past.

Multiple users of OpenSea have fallen victim to the attack, and it appears to have not been fixed. Data from the NFT analytics platform, NFTGo.io shows that eight more popular NFTs have been listed and sold with this method. The NFTs involved include Cool Cat #9575, #7218, #3537, #1546, and BAYC #6623, #1397, #775, #2068. OpenSea also appears to have blocked the hackers’ address according to the report. Nonetheless, the hacker has made a profit of close to 150ETH (over $360,000) by selling the loot on LooksRare.

OpenSea has confirmed that the bug indeed exists but has explained that it fell to users to protect themselves against getting exploited. Announcing that they launched a new listing manager, they advised listers to cancel old listings. Meanwhile, total losses to users have now surpassed 347 ETH ($788,991) from PeckShield’s estimate.

What's going on:
Listings made a long time ago are resurfacing when items transfer back into lister’s wallets.

What we did:
We can't cancel these orders for listers, so to fix the problem, we launched a new listings manager today.https://t.co/jy2sUhaBUA pic.twitter.com/6b8lHmkEYN

— OpenSea (@opensea) January 24, 2022

Hacks are still one of the biggest threats in crypto

Hacks have continued to be endemic in the cryptocurrency space. A Chainalysis report estimated that in 2021, scammers stole over around $14 billion mostly due to DeFi hacks. The new year has already seen Crypto.com fall victim to a $30 million hack.

However, the industry is collectively working to bring more security through the education of users. This has been noted to be paying off. As pointed out by the Chainalysis report, crime has been reduced significantly in the industry and now forms only a small part of transactions that blockchains are handling.

  • Trending
  • Price Analysis
  • OpenSea Fixes Vulnerability, But Users Are Still Losing NFTs To Hackers
  • Crypto Mining: Putin Says Russia Has a ‘Competitive Advantage’ – Wants to ‘Tax and Regulate,’ Not Ban It
  • Goldman Sachs Says Mainstream Crypto Adoption Not Enough to Boost Bitcoin (BTC) Price
  • Fidelity Eyes for ETFs Tied to Metaverse After the SEC Rejects Its Spot Bitcoin ETF
  • Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies
  • Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
  • Turkey President Tayyip Erdoğan Orders For Metaverse Research
  • After Twitter, Reddit Might Allow Users To Add NFT as Profile Picture
  • Facebook’s Bumbling Crypto Venture Diem to Wind Down, Sell Assets
  • Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
  • Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
  • Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
  • BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
  • Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
  • DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
  • Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
  • SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
  • LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
  • Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
  • Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?

   Source
Back to the list