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February 23, 2022 02:00 pm

OpenSea NFT Heist Likely Triggers Drop in Activity

Activity on OpenSea, the world's largest marketplace for digital collectibles, likely dropped precipitously after a phishing attack that saw traders lose as much as an estimated $3 million. From a report: Trading in nonfungible tokens plummeted in recent days, according to data provider DappRadar. OpenSea's seven-day trading volume was down 37% as of Tuesday, DappRadar found. An unidentified hacker stole 254 tokens from OpenSea users by sending a malicious email asking to transfer their assets to a new contract. Around 17 traders signed the contract, which effectively acted as a blank check, giving the hacker access to all of the NFTs stored on their wallet. Some of those assets have since been sold, netting the perpetrator a hefty gain. Devin Finzer, OpenSea's chief executive officer, valued the total amount stolen at $1.7 million on Sunday, but researchers since have valued the pile at anywhere between $2 million and $3 million. Among the stolen NFTs included four Bored Apes, three of which were later sold on rival platform LooksRare for a combined $667,000, according to data from blockchain security service PeckShield.

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