Alice Lynx Alice Lynx 09.09.2021

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

A total of 42 non-fungible tokens were recently minced and burnt from 30 transactions. All damage was caused by a notorious system bug.

It was an unfortunate turn of events for OpenSea users who witnessed another lash by the bug. It went on to delete 28.44 ETH worth of NFTs. The total amount of NFTs was $100,000.

Thanks to Nick Johnson, a reputable developer and chief designer of ENS who dispatched the unfortunate turn of events in detail to NFT users. He was also on the losing list as he lost a popular NFT from rilxxlir.eth.

What is ENS? Well, it is a naming tool that grants users the ability to content with textbase. ENS base operations on NFT and ETH blockchain. So how did Johnson discover his loss?

According to his own detailed narration, he initially became suspicious when a token, sent from somewhere, appeared to be burnt. He reached for OpenSea and selected transfer. After inserting 'nick. eth', he noticed transaction completion.

The startling moment was when rilxxlir.eth sent 0x0000...0000edd899b. The issue had to go back to OpenSea and his first interaction revealed that Johnson was a victim of a perennial bug that had been placed on the site. The bug created overhaul problems and went on to affect the operation of ERC-721 to ENS names for what appeared to be 24 hours.

OpenSea had to officially say something and they did not take long. Their statement confirmed that the unfortunate turn of events by OS eth. They explicitly confirmed that it was nothing but a bug that was strategically fixed on the site by a diabolical expert.

A further tracking was put in motion by Johnson and he discovered that 21 cases of the 30 were all lost in this bug scourge. In total, 42 NFTs were burnt and lost. However, even though such a huge figure of NFTs were burnt, Johnson indicated that ENS tokens had no monetary tags.

Their lack of monetary tag did not deter their strength as the initial ENS names ever to be officially registered. OpenSea's statement was rather partial as it lacked a response to Cointelegraph's requests.

Looking at some basic background information of OpenSea, it became a crypto giant in August 2021 after amassing a total of $100 in the popular Andreesen Horowitz fund deal. The team included 37 users who held a total of 98% NFTs.

An enhancement hiring plan was put on the table. The plan included 1 ETH dispatch to successful referrals. Nate Chastain, leader of product management at OpenSea confirmed this move and said that it was an approved supplement.

OpenSea at the moment is the biggest user of the ETH network and it is the most reputable destination for the ETH network. Thanks to recent spikes, OpenSea has accumulated $2.84 billion through successful trades. This huge total has been collected in a 30-day trading session.

Etherscan, a prominent ETH holder also bests OpenSea, indicating that it has managed to grab 21.6% of transactions in fees for the ETH network. OpenSea is growing as compared to its initial quarters.