OpenSea Faces $1 Million Lawsuit

Former Bored Ape Yacht Club owner is filing a lawsuit against the leading NFT marketplace OpenSea. The lawsuit comes after the unfortunate event where the yacht owner became exposed to an exploit on the platform.

Hackers Purchased Ape for Only 0.01 ETH

The Bored Ape owner suffered a loss of about $1 million, as hackers purchased Ape for only 0.01 ETH. Ape owner claims that OpenSea knew about the vulnerability and did nothing to stop the item from being listed without the owner.

The hackers then proceeded to sell Ape for 99 ETH, which is around $250,000, causing the Ape price to jump quickly.

Bored Ape Yacht Club is one of the rarest NFTs, falling within the top 20%. NFTs in this area are easily worth $1 million, which is mentioned in the lawsuit.

Depending on the further development of the case, the chances are that this lawsuit will become a precedent of NFT lawsuits against the marketplaces. In other words, all new NFT marketplaces will have to be careful about how they offer their services.

Unfortunately, according to the Bored Ape’s owner, he primarily tried to solve the issue with OpenSea. However, the marketplace did nothing to help out. What’s more, this is not the first time that OpenSea faced hacking issues, nor is it the first time the platform was involved in similar affairs.