A bug in OpenSea may have caused the destruction of $100,000 in NFTs
By Bob Garcia
The NFT platform mysteriously loses several tokens in a blockchain black hole
Occasionally, there may be errors that result in large losses, including monetary losses. Something like this has happened with the Open Sea market, which is indicated by different reports, has had an error that concluded in the removal of non-fungible tokens (NFT’s) owned by users worth 28.44 Ether (ETH), which, based on the cryptocurrency’s current price, translates to a total of approximately $100,000.
Nick Johnson, lead developer of Ethereum Name Service (ENS), was the one who disclosed the information, including the fact that he also allegedly lost an NFT that was linked to the first ENS called rilxxlir.eth. ENS is a naming system that gives different users the ability to store text-based content as NFTs on the ETH blockchain. Johnson noticed something was wrong the moment he tried to transfer NFT from an ENS account to a personal account. “I went to OpenSea, hit ‘transfer’ and entered ‘nick.eth’. Moments later, transaction complete! rilxxlir.eth transferred to 0x0000…0000edd899b. Wait, what?” said Johnson.
According to Johnson, his thoughts that something was wrong were confirmed with his first interaction with OpenSea, as he discovered that the NFT recording error was introduced on the platform’s transfer page. As a result, all transfers from ERC721 to ENS names during the last 24 hours at that time had been affected. Johnson immediately set about the task of tracing at least 30 transactions from more than 20 accounts where NFTs were lost due to this system bug. His findings reportedly indicate that a total of 42 NFTs were burned.
So far, OpenSea has not responded to any of these allegations. This company is currently the largest consumer of ETH network fees.