A $1M lawsuit was filed against OpenSea after a Bored Ape NFT hack in a recent turn of events. The lawsuit was filed by the owner of a Bored Ape NFT, which was exploited due to a hack on the platform. Even though the owner didn’t list his NFT, it was purchased at a price of 0.01 ETH by the hackers. And for this reason, he seeks compensation from OpenSea.
The lawsuit
The person who filed the lawsuit was from Texas and is claiming $1 million in damages from OpenSea. His Bored Ape NFT was #3475, which is among the top 20% rare ones, and a lot of them have already been selling for $1M and even more. After the hacker bought the NFT for 0.01 ETH, he sold it for 99 ETH, which is nearly $250k. The real value of the NFT is much higher than what the hacker sold it for based on the other sales. So, it is clear that the lawsuit has a proper base, and the owner has a definite edge.
The lawsuit also said that instead of temporarily shutting down the platform to fix the security issues, Opensea continued to operate, putting the users and their NFTs at risk. They also continued to collect the 2.5% fees on every transaction despite everything. It is clear that even though Opensea knew about the security issue or not, they are at fault here, and compensation should be provided to the owner.
OpenSea’s future
Considering that this hack has become quite a news, all users will have their eyes on the outcome of the lawsuit. If Opensea doesn’t provide any compensation to the owner, it will reflect quite negatively on their brand. Users will lose trust, and they might lose a lot of them. This is not the first case OpenSea was hacked, and many users have been facing issues on the platform. There is also the issue of copies which OpenSea hasn’t been able to deal with completely yet.
What are your thoughts on the $1M lawsuit filed against OpenSea for the Bored Ape NFT hack? And do you think that the owner will be able to get the full compensation? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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