OpenSea latest update in the system helps protect against recent bug.

    Launched in December 2017, OpenSea is a peer-to-peer non-fungible token (NFT) marketplace situated in New York, USA. It’s the world’s first and largest NFT marketplace, where most digital asset auctions take place.

    Any user can create an account on the website and start their journey of buying, trading, selling, or even auctioning their NFTs. Whether it’s rare art, rare digital collectibles, or trading cards, they’ve got it.

    Issues with OpenSea.

    Even though it is one of the best NFT platforms in the market, it is not entirely secure or safe from frauds and bugs. Sometimes, the users face outage issues too.

    For months, the platform has been haunted by frauds selling fake copies of the original NFT or some bugs that rob people of their money. But the latest problem was a bug that did not delete the old “listings.”

    A listing is done for the NFT’s price. Let’s say that you want to sell your NFT at a specific price and list that price on your account. Months later, your piece’s market value goes up, and you delete the old listing and set your price at a much higher value. The interested buyer has to purchase your NFT with the new, higher price.

    But, the bug made it possible for hackers to access the older, expired link with the lower listed value. This enabled them to purchase the original NFT at a much lower price and resell it within minutes at a much higher, actual market price.

    This bug not only robbed the seller but also created chaos as to who had the ownership of the NFT. Since no one can trade NFTs without the permission of their current owner, it was either impossible or extremely difficult for the NFT holders to get back their non-fungible tokens from the new owner. Technically, the new person also made the purchase at a valid price and possessed the certificate of authenticity.

    Hackers recently discovered a weakness in the OpenSea interface that allowed them to buy NFTs at their old unclaimed sell offers, which they swiftly exploited to get NFTs for dirt cheap. Hackers have exploited this bug to purchase the BYAC NFT for six figures earlier.

    To ensure non-traceability, the hackers utilized an Onion-like method to shift NFTs across different wallets. The “stolen” NFTs’ original owners were unaware of the transaction, and even if they were, there was little they could do. Some victims could reclaim their property, but others were not so fortunate.

    The recent OpenSea update exterminates the bug.

    To address this growing issue because of the bug and protect their users from such instances, OpenSea launched a new contract system. Under the latest update, users will cancel all empty/ previous contracts with minor gas expenses. A related modification aims to make signatures more readable, reducing the likelihood of users misinterpreting contract conditions in the future.

    Devin Finzer, CEO of OpenSea, stated that the update “ensures old, inactive listings expire.” The new system will be completely operational in 15 days, at which point customers will be invited to migrate their accounts to the new system.

    This comes as happy news for the OpenSea users as it protects them from attackers taking undue advantage of the old listing prices. With the advent of technology, the platform is expected to be more refined and secure in the future.

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