The NFT marketplace giant, OpenSea, discovered a major exploit within the marketplace’s trading systems. Now, Opensea has created listing alerts and implemented several tools to identify erroneous sales orders. Users can quickly check their NFTs immediately for any undisclosed transactions.
The transaction errors were caused by members failing to cancel open listings because of the high gas prices. Later, the members would transfer the NFT from their wallets to another blockchain address. However, the sales order was still active in the background when the NFT returns to its original location. Unscrupulous traders were able to find the NFT items and purchase them, making a profit.
What’s going on:
Listings made a long time ago are resurfacing when items transfer back into lister’s wallets.
— OpenSea (@opensea) January 24, 2022
OpenSea will soon offer an additional tab called “listings” on its dashboard that allows members to view all active orders. The open orders will be displayed by a simple dropdown menu. The two options indicate “active” and “inactive” listings. Users can then scan the entries for errors and cancel any unwanted listings.
OpenSea has reimbursed 750 Ethereum (or, $1.8 million dollars) to users who accidentally sold valuable NFTs below their going market rate due to the “inactive listings” exploit.
Never miss important NFT drops: Take a peek at our NFT Calendar!
- Get daily NFT news, announcements, and events via our Daily Newsletter.
- Daily news sent on Telegram
- Snapshot of biggest news daily on Twitter & Instagram
Get the latest on trending NFTs, view upcoming NFT drops, NFT news, announcements, and events at NFTEchoNews.com