NFT News

OpenSea Reduces the Number of Affected Users, but Continues to Look for the Root Cause

OpenSea, a major NFT marketplace that was hit by a phishing attempt over the weekend, has reduced the number of people affected from the initial estimate of 32 to 17. However, the platform stated that it has yet to pinpoint the exact root of the problem.

“Our first figure included anyone who had *interacted* with the attacker, rather than phishing victims,” the business announced on Monday morning (UTC time). They also stated that the “attack does not appear to be active at this time” and that “the malicious contract has been idle for >15 hours.”

OpenSea’s Chief Technology Officer, Nadav Hollander, has also suggested that harmed customers should have given their consent to a harmful contract. “All of the malicious orders contain genuine signatures from the affected people,” he said, “showing that they did sign an order someplace, at some point in time.”

OpenSea launched a smart contract update on Friday that requires all users to migrate their Ethereum (ETH) listings to the new smart contract.

While some speculated that the problem stemmed from the migration, Hollander said that the malicious orders were “signed before the move and are unlikely to be tied to OpenSea’s migration flow.”

In either event, OpenSea users learnt a vital lesson regarding self-custody and digital signatures, according to Ryan Selkis, Founder & CEO of crypto research business Messari.

“One that will be useful if they ever need to secure digital assets and flee a hostile country,” Selkis said, adding that in crypto, self-reliance is built into the goods, and users are “rewarded for taking risks with larger upside.”

Meanwhile, as previously reported, OpenSea encountered a user interface (UI) design flaw in late January 2022, allowing some of its users to purchase NFTs at significantly cheaper pricing.

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