Serial flights of NFT on the OpenSea platform

The price of success, the NFT trading platform OpenSea is facing several lawsuits due to ” security failures “ in his system. Recently Timmy McKimmy from Texas, Michael Valise from New York and Robert Amiro from Nevada, accuse OpenSea of ​​not having implemented “timely adequate security measures” to prevent them from having their NFTs stolen. NFTs that are among the rarest and most expensive: they come from the collection of images of monkeys with desolate mines Bored Ape Yacht Club and Mutant Ape Yacht Club. The NFT that Timmy McKimmy was stolen would be even rarer than the Bored Ape #3001sold to Justin Bieber for 500 ETH ($1.4 million).

NFTs (or Non Fungible Token in English and Non Fungible Token in French), these digital files to which certificates of authenticity are linked which make them unique, are exchanged on websites such as OpenSea. Founded in New York in 2017 by Devin Finzer and Alex Atallah, OpenSea is one of the most well-known marketplaces for NFTs. To sell or buy NFTs there, it is necessary to create an entirely virtual wallet (3) (known as a “hot wallet” in English) which is used to store the links to the transactions and the NFTs.

Timmy McKimmy and Michael Valise say they were hacked. The hackers took control of their accounts to sell their NFTs at a low price, acquire them under another identity, and then resell them on OpenSea, at a higher price, but below market prices. McKimmy bitterly explains that his NFT is worth much more than the price at which it was resold on OpenSea: 99 ETH (about 250,000 US dollars).

Reputed to be inviolable, the blockchain technology on which NFTs are based shows one of its flaws here. The thieves were thus able to hack into the system to substitute themselves in place of an NFT owner.

The plaintiffs claim to have contacted OpenSea several times, to recover their NFTs or to be compensated. But in vain. They therefore decided to take OpenSea to court. Their two lawyers question not only the security of OpenSea’s operating system, but also its attitude: “Rather than shutting down its platform to address and rectify the issue, OpenSea continued to operate. [Il] risked the security of its users’ NFTs to continue collecting 2.5% on each transaction”.

The case of Robert Amiro is different. He says he was the victim of manipulation. He went to an online forum to discuss with a surfer the exchange of his Mutant Ape Yacht Club against a few “Cool Cats” (other NFTs) without going through OpenSea. The Internet user, malicious, sent him a fraudulent link which, opened by the victim, allowed him to steal his NFT. To then resell it on OpenSea. Robert Amiro accuses the platform of having done nothing to stop the sale of its NFTs on the platform in time.

“OpenSea has put its interests first” and left out the “security of its consumers’ digital assets,” the plaintiff said.

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Serial flights of NFT on the OpenSea platform

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