Popular NFT marketplace OpenSea has made users whole following the recent exploits on its platform.
In light of mounting criticism and complaints from the crypto community, one of the largest NFT marketplaces, OpenSea, has reimbursed about $1.8 million to users who were affected by the recent hack on its platform.
a flaw on the OpenSea listing process to purchase those NFTs at almost 98% discounts and subsequently resell them for much higher.by the blockchain analytics firm Elliptic, the OpenSea exploit was the result of a flaw in how the platform handles asset listings on its platform. To list an asset, NFT vendors on the platform will have to sign off-chain data confirming the amount they wish to sell their NFTs. However, the issue arises when vendors decide to send a message to the blockchain to cancel the initial listing.To avoid paying gas fees, the vendors simply transfer the NFT to another wallet, which makes the initial offer invalid as the NFT is no longer on OpenSea.
They allegedly discovered this design flaw in the OpenSea system and executed their attack using a bot to scan the network for NFTs with low floor pending orders and purchased them.
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