Wednesday, May 22, 2024

OpenSea Drawback: Scammers bought NFT very cheaply, sold it for a profit of 84 Ethereum

Scammers have made big money by taking advantage of a problem with the NFT marketplace OpenSea. With the help of this problem, scammers have bought NFTs at a price much lower than their listing and then sold them for many times more. Many researchers and developers have questioned this problem. With the help of this, the NFT of some users is being bought at a very low price, while their cost is several thousand dollars.

The problem came to light when Bored Ape #9991 from an NFT collector called TBALLER was sold for just .77 ETH or $1,775. The user has given this information on Twitter on Monday. Soon after, the buyer sold this NFT for 84.2 ETH at a price of approximately $200,000.

According to cryptocurrency analysis firm Elliptic, on Monday morning at least three attackers bought NFTs with a market value of over $1 million. The firm said that with the help of this problem, a scammer spent $1,33,000 to buy seven NFTs and immediately sold them for $9,34,000.

This problem is caused by the way OpenSea has been listed. A DeFi developer named Rotem Yakir explained on Twitter that gas is needed to do anything on the Ethereum Blockchain, so OpenSea performs most functions internally or off-chain. Listing the NFT for sale on OpenSea requires the vendor to sign off the off-chain data, which confirms the sale of the NFT at a certain price.

Must Read: Cryptocurrencies Price: Bitcoin, Ethereum in trouble, but these Cryptocurrencies grew by 622% in 24 hours

To cancel the listing after the sale, the blockchain has to be sent and finalized. If this is not done, data from the previous listing may be used in the cell. If you only transfer NFTs from one wallet to another and do not send the cancellation message to the blockchain, the old listing price is not cancelled.

OpenSea has given this information in the guide of new users. According to the reports, scammers have taken advantage of this shortcoming to buy these NFTs at a low price. However, OpenSea has not given any information in this matter yet.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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