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OpenSea Faces Lawsuit Over Undervalued Bored Ape NFTs

Things are not looking great for OpenSea lately: after facing a phishing attack, the popular NFT marketplace is facing a lawsuit for undervalued Bored Ape NFTs.

In the complaint filed by Timothy McKimmy, there is an alleged flaw within OpenSea’s system that allowed hackers to buy unlisted NFTs at below market value. To justify his complaint, McKimmy stated that he didn’t list his Bored Ape #3475 NFT in the marketplace, but a hacker allegedly managed to buy it for .01 ETH ($26) and sell it for 99 ETH ($250,000 current market value).

The said NFT in question is supposedly in the top 14% of the 10,000 Bored Ape NFTs in terms of value, making it rarer than the one purchased by Justin Bieber for $1.3 Million. That being said, McKimmy is seeking the return of his NFT…or be compensated over $1 million in damages.

Considering the phishing incident was reported by media, OpenSea refused to acknowledge the flaw, bringing in the possibility of more victims being affected by a similar scheme. “Instead of shutting down its platform to address and rectify these security issues, Defendant continued to operate,” McKimmy said in his complaint.

While OpenSea is reaching out to victims and is reportedly approaching them for a settlement–though the amount is lower than the possible price of the stolen NFT. This might not be the only lawsuit OpenSea will be facing, as a law firm is reportedly gathering similar complaints from other users.

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