OpenSea to Reimburse Victims of Their Recent Bug

After multiple users fell victim to an OpenSea bug, the platform is now planning to reimburse the victims. The bug pertains to improper delisting of NFTs put on sale on the platform. Basically, when users relisted an NFT at a new price without removing the old listing, attackers were able to buy the NFT at the initial listing price. Often, the initial listing price is way below the current prices, resulting in attackers walking away with NFTs worth hundreds of thousands for a fraction of the price.

OpenSea is now looking to reimburse the victims of its recent bug. Credits: OpenSea

Just days back, a scammer made nearly $1 million by exploiting the OpenSea bug. Several BAYC holders’ Bored Apes were sold for less than 7 ETH—some for as low as 0.77 ETH. At the time, BAYC’s floor was at 88 ETH. Similarly, other blue-chip NFTs like Cool Cats and CyberKongz were also sold for a bargain.

OpenSea to Reimburse Victims

It goes without saying that OpenSea users were frustrated with their NFTs selling for throwaway prices. But, with OpenSea’s plans to reimburse victims, there’s a glimmer of hope. An OpenSea spokesperson said that the company is also working on solving the problem. They, however, denied that the issue was a bug or a vulnerability.

“Since this issue was identified, we’ve taken it incredibly seriously and worked to ship product solutions for the community,” the spokesperson told ZDNet. “This is not an exploit or a bug — it’s an issue that arises because of the nature of the blockchain. OpenSea cannot cancel listings on behalf of users. Instead, users must cancel their own listings.”

They added that OpenSea is working on several “product improvements” to ensure users are aware of all their listings. This includes a dashboard where users can see and cancel their listings.

“We have been actively reaching out to and reimbursing affected users,” they further said.

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