OpenSea loophole allows purchase of NFTs for discounted prices

Yesterday, Elliptic, a blockchain security company, alongside multiple other users, took to Twitter to speak out about a bug found in OpenSea, an NFT marketplace. A flaw in the platform has allowed attackers to buy NFTs for a price much lower than what is listed on the platform. The issue affects Mutant Ape Yacht Club, Bored Ape Yacht Club, Cyberkongz and Cool Cats NFTs.

Elliptic said that they have “identified at least three attackers who have purchased at least eight NFTs for much less than their market value within the past 12 hours.”

ZDNet has reported that a spokesperson from OpenSea has said they are trying to solve the problem, and are denying that the issue is due to a bug or vulnerability. The spokesperson told ZDNet, “since this issue was identified, we’ve taken it incredibly seriously and worked to ship product solutions for the community. 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.”

The post OpenSea loophole allows purchase of NFTs for discounted prices appeared first on IT Security Guru.

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