In Brief:
- OpenSea Compensates affected users $1.8 million after NFT listings error.
- While avoiding Gas fees, Users sold their NFTs unwillingly due to NFT listings error.
- Opensea returned 750 Ether into130 affected wallet items.
The NFT Marketplace OpenSea announced a compensation of $1.8 million for users, who sold their NFT at a low price unwillingly due to confusion over Opensea’s NFT listing feature.
Last week, OpenSea was compromised by hackers, which hackers have taken advantage of the bug present on the platform and Stole $1 million worth of NFTs.
After facing criticism in the last week, Opensea finally agreed to pay back those who suffered NFT loss in this attack. As per the data, Opensea returned 750 Ether to 130 affected wallet items.
However, the approach came after facing criticism that the company couldn’t address a user interface feature that let savvy opportunists purchase over $1 million worth of NFTs on discount.
To cancel listings on NFT platforms have to send messages on the blockchain after paying Gas fees. Users can avoid this fee by moving items into multiple wallets.
This feature was a proven curse for users who previously transferred their NFTs into new wallets without canceling the old prices. The attacker has taken the advantage of this error and bought NFTs as per the old listing price and sold them at higher prices. In this list, Bored Ape Yacht Club, Cool Cats, Mutant Ape Yacht Club, and CyberKongz collection were manipulated.
The latest incident makes clear that the small error on the largest marketplace in crypto can force active users to pay a high price.
OpenSea officials said that the company is in touch with the affected users and reimbursing them. Also, the company added a listing tab for users to review both active and inactive listing prices.
According to Opensea’s official mail to affected users, the company is not able to cancel listings on behalf of users as it needs their signatures.
