Due to Opensea’s advise, the victim of this error lost their NFT.
The latest twist in the Opensea NFT saga demonstrates that the NFT marketplace’s errors are costing its consumers more and more money every day.
Opensea blatantly messes up
The most recent community update from Opensea urged its members to delete all listings of their NFTs, according to NFT trader and artist swolfchan.eth. They said that if their prior listing was still current, their NFTs may be sold.
As a result, the customer followed the instructions and canceled the listing, only to learn that their 15 ETH ($36.7k) worth of MAYC Bored Ape NFT had been sold for only 6 ETH, or just under $15,000.
The event occurred when an exploiter discovered the cancellation of a previous listing of the identical NFT for 6 ETH and was able to complete the sale before the cancellation transaction could be executed.
Another NFT collector, dingaling on Twitter, expressed it this way:
“Well, checking the mempool is much easier than scraping all the Opensea APIs to find old orders, since the cancellation tx submitted has all the order details in the tx input data. You are basically handing out your NFT listing details on a silver platter to be frontrun”
Exploiters may readily acquire information about ongoing transactions in the mempool, and if they move quickly enough, they can buy NFTs off the market before the listing is deleted.
He went on to claim that Opensea’s ineptness allowed these exploiters to get the exact information they needed to complete the purchase at a lesser price when their consumers urged them to delete the postings.
What You Should Not Do
Users may avoid a similar problem by deleting their listings properly, according to Twitter user dingaling.
“Make sure you transfer all the NFTs with “inactive Opensea listings” OUT of your address first before cancelling the live listings in your original address. Only after all the listings are cancelled are you safe to transfer it back.”
The entire problem is a continuation of the Opensea fiasco from three days ago, when a “Opportunistic Buyer” stole over $751k in NFTs by abusing previous listings of particular NFTs.
Despite the fact that Opensea has subsequently compensated the damages, another error on their part has enraged its users once more.
