An American has filed a $1 million lawsuit against OpenSea
Bored Ape Yacht Club's premium NFT owner lost his purchase due to a platform vulnerability. Now he is pressing OpenSea to return his NFT or pay $1 million compensation.
As Decrypt reports, Texas resident Timothy McKimmy purchased NFT Bored Ape Yacht Club #3475. But due to the website's vulnerability, unidentified users bought the NFT back for just 0.01 ETH and later resold it for 99 ETH. Now it is on sale for 255 ETH (about $650,000).
According to Timothy McKimmy, he has repeatedly contacted the administration but has faced an "Under investigation" reply. "Instead of shutting down its platform to address and rectify these security issues, 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 in accusing OpenSea of negligence and breach of contract.
The platform has already reported that it is trying to compensate for the damage caused by its vulnerabilities. In recent months, it has paid out $2 million in compensations to victims.