In light of mounting criticism and complaints from the crypto community, one of the largest NFT marketplaces, OpenSea, has reimbursed about $1.8 million to users who were affected by the recent hack on its platform.
On January 24, 2022, some OpenSea users saw their valuable NFTs sold at rock-bottom prices by hackers who leveraged a flaw on the OpenSea listing process to purchase those NFTs at almost 98% discounts and subsequently resell them for much higher.
The OpenSea “Bug”
According to a report by the blockchain analytics firm Elliptic, the OpenSea exploit was the result of a flaw in how the platform handles asset listings on its platform.
OpenSea is built on the Ethereum blockchain, which is notorious for its outrageous gas fees. Therefore, to cut down on the amount spent on transactions, the NFT marketplace handles most of its functions off-chain until those transactions need to be sent to the blockchain for settlement.
To list an asset, NFT vendors on the platform will have t
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