Wednesday, December 1, 2021

OpenSea bug appears to have destroyed nearly $100K in NFTs

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Stories have emerged {that a} bug on OpenSea’s market has deleted user-owned NFTs value 28.44 Ether (ETH), practically $100,000 on the time of writing.

The data was revealed on-line by Nick Johnson, lead developer of Ethereum Title Service, or ENS, who reportedly misplaced an NFT that was linked to the primary ENS named rilxxlir.eth. ENS is a naming system that enables customers to retailer text-based content material as an NFT on the Ethereum blockchain.

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Whereas transferring the NFT from an ENS account to a private account, Johnson noticed that the token was despatched to what seemed to be a burn account:

“I went to OpenSea, hit ‘switch’ and entered ‘nick.eth’. Moments later, transaction full! rilxxlir.eth transferred to 0x0000…0000edd899b. Wait, what?”

In response to Johnson, his first interplay with OpenSea confirmed that the NFT-burning bug was launched on the platform’s switch web page, affecting all ERC721 transfers to ENS names for the previous 24 hours.

OpenSea said:

“We have reached out to the small variety of customers who have been affected by the problem yesterday the place sending an NFT to an ENS title despatched it to the encoded model of the literal textual content (e.g. “OS.eth”) as an alternative of the related tackle. This was a bug we launched and stuck that day.”

Johnson tracked down at the least 30 transactions from 21 accounts through which NFTs have been misplaced because of the system bug. Based mostly on the data, a complete of 42 NFTs have been burned.

Johnson claimed that the misplaced ENS token held no financial worth however was treasured as the primary ENS title ever registered.

OpenSea didn’t instantly reply to Cointelegraph’s request for remark.

Associated: OpenSea’s team of 37 staff is currently handling 98% of combined NFT volumes

OpenSea turned a crypto unicorn in August after raising $100 million in an Andreessen Horowitz-led funding spherical. On the time, OpenSea’s crew of 37 members reportedly dealt with 98% of the platform’s NFT quantity.

To ramp up the hiring course of, the company offered 1 ETH for successful referrals. “Making an attempt to complement our hiring course of with some guerrilla recruiting because of the urgent want for manpower,” stated Nate Chastain, OpenSea head of product.

As Cointelegraph just lately reported, OpenSea is presently the largest consumer of Ethereum network fees.