Marketplace bug sees at least $1 million of NFTs sold below market price

24/1/2022 9:42:00 PM

Marketplace bug sees at least $1 million of NFTs sold below market price

Marketplace bug sees at least $1 million of NFTs sold below market price

LONDON : A bug in the largest NFT marketplace, OpenSea, allowed attackers to purchase at least $1 million worth of NFTs across multiple different wallets for significantly below market price, blockchain analytics firm Elliptic said on Monday.A non-fungible token (NFT) is a form of crypto asset, which reco

LONDON : A bug in the largest NFT marketplace, OpenSea, allowed attackers to purchase at least $1 million worth of NFTs across multiple different wallets for significantly below market price, blockchain analytics firm Elliptic said on Monday.A non-fungible token (NFT) is a form of crypto asset, which records the ownership status of digital files on blockchain. OpenSea is the largest marketplace for speculators and enthusiasts to trade their NFTs, with $4.8 billion worth of sales volume so far in January.

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From Syahrini's NFTs to Axie Infinity, Southeast Asia is waking up to the metaverseWhen Indonesian singer and influencer Syahrini last month announced a metaverse tour sold as non-fungible tokens (NFTs), they were sold out hours after the launch. Powered by cryptocurrency exchange firm Binance, the 17,800 NFTs came under three categories of increasing exclusivity. The most rare of the digital artworks contained Syahrini's signature phrase CetarMembahana, which roughly translates to 'so beautiful it's...

From Syahrini's NFTs to Axie Infinity, Southeast Asia is waking up to the metaverseWhen Indonesian singer and influencer Syahrini last month announced a metaverse tour sold as non-fungible tokens (NFTs), they were sold out hours after the launch. Powered by cryptocurrency exchange firm Binance, the 17,800 NFTs came under three categories of increasing exclusivity. The most rare of the digital artworks contained Syahrini's signature phrase CetarMembahana, which roughly translates to 'so beautiful it's...

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LinkedIn LONDON : A bug in the largest NFT marketplace, OpenSea, allowed attackers to purchase at least $1 million worth of NFTs across multiple different wallets for significantly below market price, blockchain analytics firm Elliptic said on Monday.South China Morning Post Instagram/Princessyahrini When Indonesian singer and influencer Syahrini last month announced a metaverse tour sold as non-fungible tokens (NFTs), they were sold out hours after the launch.South China Morning Post Instagram/Princessyahrini When Indonesian singer and influencer Syahrini last month announced a metaverse tour sold as non-fungible tokens (NFTs), they were sold out hours after the launch.FILE PHOTO: A man walks past a wall carrying the logo of Shimao Group, with residential buildings and the financial district of Pudong seen in the background, in Shanghai, China January 1, 2013.

A non-fungible token (NFT) is a form of crypto asset, which records the ownership status of digital files on blockchain. OpenSea is the largest marketplace for speculators and enthusiasts to trade their NFTs, with $4. The most rare of the digital artworks contained Syahrini's signature phrase #CetarMembahana, which roughly translates to "so beautiful it's shocking", while those in the next tier bore the quote #MajuMundurCantik ("beautiful every step of the way").8 billion worth of sales volume so far in January. The least exclusive of the three had the term #Huss-Huss-Sanah, which is merely a gibberish phrase in Bahasa Indonesia. But a flaw in the marketplace allowed users to buy certain NFTs at prices which they had been listed for in the past, without the owner realising that they were still on sale. [embed]https://www. OpenSea did not immediately respond to a request for comment.

"The exploit appears to come from the fact that it was previously possible to re-list an NFT at a new price, without cancelling the previous listing," said Tom Robinson, chief scientist and co-founder at Elliptic.com/p/CXaTdRSry7L/[/embed] Binance said the singer, who has 38 million Instagram followers, was also interested in launching a "metaverse tour in Binance Smart Chain games, such as Glory Planet, Rara, [X World Games], and others", though it did not give a time frame on when this would happen.com/p/CXaTdRSry7L/[/embed] Binance said the singer, who has 38 million Instagram followers, was also interested in launching a "metaverse tour in Binance Smart Chain games, such as Glory Planet, Rara, [X World Games], and others", though it did not give a time frame on when this would happen. "Those old listings are now being used to buy NFTs at prices specified in the past - often well below current market prices." For example, an NFT of a cartoon ape from the Bored Ape Yacht Club collection, Bored Ape #9991, was bought for 0. Anang Hermansyah, her duet partner, also launched own tokens called ASIX that can be used as a utility in a blockchain-based, play-to-earn game that he's developing with local firm IDM Co-op.77 of the cryptocurrency ether (around $1,747) on Monday, despite the fact that such NFTs usually fetch hundreds of thousands of dollars. Ridwan Kamil, the governor of West Java who is expected to run in the 2024 presidential election, earlier this month turned his personal painting into an NFT and sold it for 1 ethereum, or about US$3,120 (S$4,195). Bored Ape Yacht Club is a set of 10,000 algorithmically generated cartoon ape NFTs made by the U. [embed]https://www.

S.-based company Yuga Labs.com/p/CYwEVA0Fy17/[/embed] President Joko Widodo has said Indonesia needs to "quickly catch on with the metaverse" so the country will not get left behind.com/p/CYwEVA0Fy17/[/embed] President Joko Widodo has said Indonesia needs to "quickly catch on with the metaverse" so the country will not get left behind. Around 20 minutes after Bored Ape #9991 was bought for 0.77 ether, it was sold on for 84. "Facebook has changed its name to Meta.2 ether (around $189,040), according to blockchain records seen on OpenSea, giving the buyer a profit of more than $187,000. Epic Games, Roblox, Microsoft are also developing metaverse plans.

The NFT's original owner, who identified themselves on Twitter as"TBALLER. We need to prepare a strategy so that we won't get left behind other countries," the president said.eth" (@T_BALLER6), tweeted their shock at the transaction, which they said they did not authorise: "Yooo guys! Idk what just happened by why did my ape just sell for .77?????" "I didn’t list me ape at all…. Within the metaverse, people can buy and trade cryptocurrencies and NFTs. Within the metaverse, people can buy and trade cryptocurrencies and NFTs. Now I’m seeing DMs it sold for .77?????? Wtf??????" Elliptic's Robinson said that he had identified eight NFTs stolen in this way so far, from eight different wallets, by three attacker wallets. Facebook's parent Meta has been upbeat about the prospect of building their own metaverse in the region.

One person paid a total of $133,000 for seven NFTs by exploiting the bug, before then quickly selling them on for $934,000, Robinson said. "Asia has always been ahead of the curve when it comes to digital adoption. He noted that while crypto wallets are usually anonymous, it may be possible for the attackers to be identified if they use an exchange to cash out into fiat currency. Never has this been more evident than over the past two years," Dan Neary, vice-president of Meta Asia Pacific, recently wrote in an op-ed published on media and marketing publication Campaign Asia. As celebrities, investors, and top brands flock to the NFT market - where sales volumes and prices of some sought-after NFTs have seen eye-watering growth - the OpenSea bug may give some buyers reason to pause. OpenSea was founded in 2017 and was recently valued at $13." An online survey by Australian independent information service Finder." An online survey by Australian independent information service Finder.3 billion in its latest round of venture funding.

Elliptic data shows that since 2020, $2 billion has been stolen from users of decentralised finance (DeFi) through hacks. Nicole Nguyen, the co-founder of Duelist King, a win-to-earn blockchain-based game, said having celebrities promote some elements of the metaverse was a good way to get everyday people on board, but more public education was needed about the broader use of their digital assets. "It's not common to see marketplace-wide exploits. [embed]https://www. We do see individual users being hacked and having their NFTs stolen, for example through phishing attacks, but it's not common to see something that affects potentially the entire marketplace," Robinson added.instagram. (Reporting by Elizabeth Howcroft; Editing by Andrea Ricci) Source: Reuters .