• May 18, 2024


All the latest cryptocurrency news

User Files $1M Lawsuit Against NFT Marketplace OpenSea

ByLouis Adams

Feb 22, 2022 #NFTs
Reading time: < 1 minute

A Texas-based user has filed a lawsuit against marketplace OpenSea after allegedly losing NFTs from the Bored Ape Yacht Club premium collection, Decrypt reports.

The plaintiff, Timothy McKimmy, alleges a vulnerability led to the sale of the Bored Ape Yacht Club #3475 token for 0.01 WETH. Later, an unknown user resold the NFT for 99 ETH. At the moment, the token is for sale on OpenSea for 255 ETH ($651,550).

McKimmy has highlighted he has repeatedly contacted the representatives of the marketplace, however, he has just been told the incident is being investigated. According to the lawsuit:

“Instead of shutting down the platform to address and fix these security issues, the defendant continued to work. The defendant risked the security of NFTs and digital storage of its users in order to continue to collect 2.5% from each transaction.”

According to McKimmy, the marketplace developers knew about the bug and did not take any action. He has demanded “the return of the NFT and/or payment of more than $1 million in compensation.”