OpenSea NFT platform dragged to court after massive theft of funds

After a phishing attack that allowed a malicious user to extort hundreds of NFTs, OpenSea will have to deal with the consequences.

One of the victims is taking Manch to court for security negligence.

OpenSea sued over NFT theft

OpenSea cases are coming to the fore. Victims of a phishing attack this weekend, the main marketplace for selling, exchanging and buying NFTs is now being dragged to court. Timothy McKimi has filed a $1 million lawsuit against the platform for failing to take adequate security measures to prevent theft of its assets.

The user was actually robbed of a single non-fungible token from the Bored Ape Yacht Club (BAYC) collection, but this was very rare. According to him, the hackers managed to steal his valuables for 0.001 ETH (about $25). He would then have sold it for the nominal amount of 99 ETH, or more than $250,000. The amount could have been three times higher, Rarity Tools estimated.

“Instead of shutting down its platform to address and improve security issues, OpenSea continued to operate its site. It compromised the security of NFTs and users’ digital wallets to collect 2.5% consistently from each transaction ,” the complaint said. A maneuver that the victim perceives as both negligence and breach of contract on the part of the company. They and the community hope that this legal action will influence other victims of the attack to do the same. .

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