- Opportunists bought
NFTs worth over $1 million in total for much less due to anOpenSea bug, Bloomberg reported. - One Bored Ape NFT priced at 128 ether was bought for 87 ether — meaning the seller missed out on $90,000.
Opportunists exploited a
Buyers on the
One person missed out on a $90,000 profit when he discovered that his $4 NFT priced at 128 ether, almost $286,000 at the time, was bought for 87 ether, about $194,000, according to Bloomberg.
"Listings made a long time ago are resurfacing when items transfer back into listers' wallets," OpenSea, the largest marketplace for NFTs, said in a $4.
The loophole came when sellers transferred older-listed NFTs to other wallets and made new listings without cancelling the original listings. The earlier prices were still available to those who did some digging, alongside the newer price.
Buyers bought the NFTs for the older, cheaper prices. They then sold them at higher market prices.
Listed items from other popular NFT collections in several wallets were affected, including Cool Cats, Mutant Ape Yacht Club and CyberKongz, according to media reports.
An NFT — short for "non-fungible token" — is a
Sellers wishing to cancel original listings on NFT platforms have to send messages over the blockchain, which require transaction fees, $4. To avoid these fees, sellers may have transferred their NFTs to a different wallet.
OpenSea acknowledged the loophole on Monday, saying it couldn't take action on behalf of sellers.
"We can't cancel these orders for listers, so to fix the problem, we launched a new listings manager today," it said on Twitter.
OpenSea did not respond to Insider's request for comment.