OpenSea Launches ‘Fix’ After NFT ‘Discount Bug’ Led To $1 Million Losses for NFT Owners

opensea bug

OpenSea is taking some steps to safeguard future NFTs for their owners.

On Monday, over 1 million in NFTs from the Bored Ape Yacht Club (BAYC), Cool Cats and CyberKongz collection appeared on the market heavily discounted.

Read: OpenSea Glitch Sees Bored Ape NFTs Sold for a 99% Discount

Hackers exploited an glitch that uses prior listings to bring back seemingly de-listed NFTs on the market, at older and much lower prices.

NFTs that would normally sell for tens or hundreds of ETH were now on sale for 0.77ETH. The hacker then promptly re-sold them for their real price, making over $1 million in profit over the period of a few hours.

OpenSea however denied that this was a bug or exploit, saying “it is an issue that arises because of the nature of the blockchain.”

To prevent future scenarios, the platform has launched a new listing manager that shows the user all their inactive listings, allowing them to cancel them easily. This fix is however only available to new users.

“The fix only handles and solves for new users, as it only fix the facade (web app) and not the vulnerable contract itself.

“Old users that re-listed their NFTs on OpenSea in the past are still vulnerable to such attack, whereas new users “simply cannot re-list NFTs without cancelling previous lists explicitly,” said Tal Be’ery, chief technology officer of crypto wallet ZenGo.

On the issue of reimbursing the victims, OpenSea has not committed to anything yet, hinting that even if they did, it would not be public information so as not to bring it to the attention of future bad actors.

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