People wants to save on purchases and as much as looking into discounts are wonderful, it is not for the OpenSea NFT platform that now suffers from a bug. The so-called bug lets hackers and threat actors access the website and allow them to puchase the million-dollar NFTs for figuratively next to nothing.
The trend now focuses on threat actors almost "stealing" the tokens by either getting it at an extremely low price or take advantage of the bug and take it.
OpenSea NFT: Bug Exposes Platform to Threat Actors
Right at the start of the week, a thread appears on Twiter, explaining that what people see with OpenSea now is a bug and that it compromises the business conducted there. The software engineer that explained this issue said that the same bug taken advantage of by attackers are also what is causing creators to lose money.
A report from Elliptic saw a threat actor buying an NFT for only 0.77 ETH (roughly at $1,700), and selling it hours later for 84.2 ETH (around $192,000). That right there is a massive dent to the expected payout for the creator, but its attacker got to enjoy the supposed earnings by the one that made the NFT.
The bug faced by the platform is because of a mismatch in the data of the NFTs with OpenSea's platform that also holds information regarding the tokens.
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OpenSea: Millions Lost by Creators Due to Bug
Creators are now losing millions as they get ripped off the price of their tokens for a small amount, only to see later on that their work gets sold to another buyer for ten times more than the amount they bought it.
Millions are now going to the pockets of threat actors and it is due to the bug in OpenSea's platform, as regarded by users.
NFT Breach: Security is Faltering
The world is now well-adept to its digital platforms, especially regarding the ownership of several digital entities like cryptocurrency and non-fungible tokens (NFTs).
However, the more it grows, the more there are people behind anonymity are aiming to enact their crimes and make easy money.
The start of 2022 faced a lot of scams from different NFT platforms, particularly that of the Frosties NFT Rug Pull, regarded as one of the earliest scams for this year.
Last week also saw a platform called "CryptoBatz" from Ozzy Osbourne which also got taken advantage of, where threat actors setup phishing website from its previous URL.
A platform like OpenSea is one of the most trusted marketplaces for NFTs but a bug now is allowing the access for hackers to do as they please. The new trend grants people the chance to tweak a lot from the platform and bend it to their will and wants. Prior to this, OpenSea is one of the trusted platforms as it is also a significant one.
Related Article: Game Developers Are Not Interested in NFTs, Survey Says
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Written by Isaiah Richard
