‘All my apes are gone’. When an avid NFT fan tweeted that several months ago, we laughed and continued. However, apes and frauds have actually turned out to be disastrous for NFT’s OpenSea wareware, as it turns out it’s facing three different lawsuits totaling over $1 million if the plaintiffs are successful.
OpenSea is accused of having security problems which forced the transmission of newfound income for the internet. The plaintiffs say that the marketplace refused to address bugs in its code that let the theft happen, and damages in excess of hundreds of thousands of dollars. A third person complains that OpenSea puts all the onus on collectors to protect their own crypto wallets, and has been coming as numerous frauds and riots sweep the NFT arena.
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The lawsuits that were first reported by Vice may set a precedent in a case of NFT-related theft and fraud claims. In the absence of any central authority – – and OpenSea seems to not do anything on its own to compensate victims – the courtroom will be vital in a complex case.
In one case, a plaintiff alleges that a bug in OpenSea’s code let a hacker buy a NFT they hadn’t put up for auction. The thief listed them themselves, earning a $220,000 investment. In another example, a Texan man sold his Bored Ape NFT for 0.1 ETH, despite being never able to put it up for the auction. That is a total of 31.000 — the first seller.
A different exploit, used on the site, allowed a scam to access the user’s entire NFT wallet, seeing them make off with three apes.
Of course, this isn’t the first time that OpenSea came up with an NFT controversy. According to the report last month, users of the web has lost nearly 1,7 million dollars in a wave of thefts. The site was also used to host stolen art, and even the images of content creators without consent.
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