With NFTs becoming extremely popular, OpenSea has become one of the most popular marketplaces for nonfungible tokens like Bored Apes Yacht Club and more. Then someone was suspected of exploiting a vulnerability found on OpenSea for profit.
Bored Ape Yacht Club NFTs Involved
As per a tweet by Wu Blockchain, the NFTs that were involved in the exploitation involve Cool Cat #1546, #9575, #7218, #3537, and BAYC or Bored Ape Yacht Club #1397, #6623, #775, and number #2068.
As of the moment, OpenSea is being suspected of blocking the address, noting that he is selling on LooksRare. The profits from this exploited OpenSea vulnerability have reportedly reached 150 ETH.
Someone exploited the OpenSea vulnerability for profit again. The NFTs involved are Cool Cat #9575 #7218 #3537 #1546 and BAYC #6623 #1397 #775 #2068, the profit is close to 150ETH. OpenSea is suspected of blocking his address, he is selling on LooksRare. https://t.co/0tN0k5lgBu pic.twitter.com/gWM1lrVWmX
— Wu Blockchain (@WuBlockchain) January 28, 2022
What is OpenSea?
Wu Blockchain shared a link to NFTGo.io, which shows transactions of different NFT transfers. This, however, is an extremely rare occurrence in the world of NFTs since one of the promotions of blockchain technology is its security.
As per its description on Google search, OpenSea acts as a peer-to-peer marketplace for NFTs and other digital items and crypto collectibles. As per an article by ProductMint, OpenSea was initially powered by Ethereum smart contracts but had just recently added the Klaytn chain support.
Who are the Founders of OpenSea?
The platform currently uses the Ethereum layer-2 protocol Polygon or MATIC, allowing them to decrease trading costs while increasing overall transaction speeds. OepnSea initially had its headquarters in New York City when it was founded by Devin Finzer, the CEO, and Alex Atallah, CTO, in December 2017.
Before starting the company, both of the founders amassed impressive resumes. CTO Atallah graduated in 2014 with a degree in Computer Science from Stanford. After that, he then started working at Palantir and Zugata. As a software engineer until 2016, he launched a social polling platform called Whatsgoodly.
Company CEO Graduated from Brown University
When it comes to Finzer, he initially graduated from Brown University with a GPA of 4.0 for studying Mathematics. He then started working as Pinterest's software engineer.
In 2016, he launched a tool that would allow users to find out if a business owes them money by searching the state's unclaimed property database. The tool was called Claimdog.
OpenSea Initially Sold $500,000 Worth of Collectibles
He was then able to successfully sell the company to Credit Karma as the Engineering Manager until he finally opened up OpenSea. By the time OpenSea was set up in 2018, OpenSea was able to sell $500,000 worth of collectibles.
OpenSea relied quite heavily on game developers during the platform's early days. The platform bought out its competitor Atomic Bazaar for an undisclosed amount.
In 2021, the platform raised capital from Andreessen Horowitz and investors like Mark Cuban and Alexis Ohanian, the founder of Reddit.
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Written by Urian B.
