Saturday, June 10, 2023

Phishing Attack Damages OpenSea


Following a recent phishing attempt in which its customers lost roughly $3 million in NFTs, activity on OpenSea has decreased significantly.

OpenSea disagrees with DappRadar’s data, claiming that Dune Analytics’ data is more accurate.

Decreased Trading Activity on OpenSea

Trading activity plummeted by 37% to roughly $660 million, according to DappRadar statistics. The number of buyers on the main NFT platform, on the other hand, has plummeted by about 20% too little over 220,000.

This arises as a consequence of the platform’s recent robbery. The attacker was able to imitate an OpenSea email pushing customers to transfer their NFTs to a new smart contract. The attacker’s email smart contract, however, duped the original holders into trading their digital token to him for zero ETH.

According to a short status report, the attack affected no less than 17 users. They suffered a $1.7 million loss. Independent researchers, on the other hand, estimate the figure to be between $2 million and $3 million.

Timothy McKimmy, one of the alleged victims who lost a Bored Ape, has submitted a lawsuit against OpenSea. He had accused the company of being careless. Simultaneously, he asks the court to require the firm to reimburse him for the Bored Ape’s assessment. He is claiming damages of more than a million dollars.

OpenSea Disagrees with DappRadar

However, according to a statement from OpenSea, they disagree with DappRadar’s figures. Dune Analytics, according to the crypto business, has more accurate and full data. According to statistics from Dune Analytics, recent attacks have had little to no impact on trades. It also represents the platform’s user actions.

LooksRare, a competing NFT platform that began in early January, might be one of the new destinations for OpenSea users. However, according to DappRadar statistics from the last seven days, the platform’s trade volume has decreased by 65 percent.

BloctoBay, on the other hand, a fairly young marketplace built on the Flow blockchain, showed a 215 percent increase in trading activity.

Three stolen Azuki NFTs

Mintable is a brand-new NFT exchange. In other news, it has recovered three NFTs that were among those stolen in the recent OpenSea cyberattack.

The marketplace released a press release. The NFTs were alleged to have been discovered on LooksRare. It’s a platform that’s described as a haven for wash trading and stolen NFTs, according to the company.

Mintable continued by announcing that it was buying NFTs to sell on its platform. This was before they stumbled across the stolen NFT listings. They paid roughly 13.35 (ETH) each for Azuki #1178, #4176, and #1180. They were taken with the intention of returning them to their prior owners.


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