OpenSea Has Another Bug
OpenSea, the largest NFT marketplace by trade volume, hasn’t learned from its mistakes and has not been actively seeking out platform bugs which could severely affect users’ investments.
Twitter (NYSE:TWTR) user F*****GRUG, who develops and builds smart contracts for NFT and Web 3.0 as part of RUG.TECH, identified some potentially platform ending code on OpenSea.
He further underlined that, if such a bug were to be exploited, bad actors could create fake blue-chip NFTs (think BAYC), creating a “frenzy,” and ultimately draining millions, if not hundreds of millions.
Developers typically reward those who identify their platform’s bugs with a bounty. In this case, OpenSea offered a bounty of 3 ETH for the vulnerability, while promising a further reward due to the critical nature of the bug. In the end, OpenSea rescinded the bonus offering, although the developers did help finish the troubleshooting.
In a screenshot of the email, Daniel Roelker stressed that the developer’s reports “fall in line with a lot” of their fraud efforts, indicating it does not solve the “collection owners vs. creators.”
Why You Should Care?
OpenSea has faced criticism in the past for insider trading, and another bug that allowed bad actors to steal users’ crypto after creating malware-like NFTs.
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Source: Cryptocurrency - investing.com
