Cryptocurrency

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BoredApe Investor Sues OpenSea for $1 Million

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Timothy McKimmy, an investor from Texas, has sued OpenSea for $1 million after accusing the platform of negligence regarding a recent exploit that resulted in the loss of his Bored Ape Yacht Club. According to the filing, McKimmy alleges that he never listed the Bored Ape #3475, but last week, a hacker was able to exploit a bug in the OpenSea platform, gain access to his NFT and sell it to another party for a paltry 0.01 Wrapped Ethereum, or around $26…with this price paling in comparison to the NFTs valuation of around $1 million. The new buyer then sold the NFT again for around $250,000, or 99 Ethereum. The complaint read in part, “Instead of shutting down its platform to address and rectify these security issues, [the] defendant continued to operate. Defendant risked the security of its users’ NFTs and digital vaults to continue collecting 2.5% of every transaction uninterrupted," the complaint alleges.” At press time, Ethereum was trading at $2590, down a fraction of a percent in early activity.

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