Bored Ape Owner Sues OpenSea for $1 Million USD Over “Stolen” NFT

Alleging that OpenSea was aware of a bug in its platform.

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A man who unknowingly sold his Bored Ape NFT for 0.01 ETH (about $26 USD) is suing OpenSea, claiming that the platform was aware of a bug that allowed hackers to buy NFTs at a fraction of the market price, Decrypt reported.

Timothy McKimmy filed the complaint in a Texas court, alleging that he is the owner of Bored Ape #3475 and that the NFT was never listed for sale. Rather, McKimmy claims that the NFT was “stolen” and then resold by the hacker for 99 ETH ($250,000 USD).

The Bored Ape is from a set of 10,000 NFTs. McKimmy claims that in terms of rarity, his NFT is in the top 14th percentile, according to Decrypt. He is suing for “the return of the Bored Ape [..] and/or damages over $1 million.”

He also accuses OpenSea of being aware of the bug, yet refusing to shut down trading. “Instead of shutting down its platform to address and rectify these security issues, Defendant continued to operate. Defendant risked the security of its users’ NFTs and digital vaults to continue collecting 2.5% of every transaction uninterrupted,” the complaint reads.

McKimmy says that OpenSea told him it was “actively investigating” the security breach but hasn’t done anything else to assist him, despite his repeated attempts to resolve the issue.

In other tech news, international regulators fear that the cryptocurrency market could become a “threat to global financial stability.”

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