OpenSea Grifters Exploit Trading Loophole to Acquire Discount NFTs

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Metaverse grifters have once again caught the NFT community unawares. This time around, exploiting an OpenSea loophole to purchase discounted collectibles.

Deviant traders have latched onto an oversight that means they can purchase items that owners never officially cancelled. This means, that an item was previously put up for sale, but then transferred elsewhere without ending the contract. When the item is subsequently returned to OpenSea at a later date, the old transaction is still running in the background. As such, these tiresome ill-doers locate the erroneous order and execute the code, thereby acquiring cut-price assets.

❗️Following the recent community concerns, we created an order management tool that allows you to identify and cancel potential risky sale orders from OpenSea.

More on what happened and how to protect yourself👇

— Rarible (@rarible) January 5, 2022

Collectors will often move high-value assets away from OpenSea in order to avoid the hefty platform costs. However, they often overlook cancelling the transaction due to the gas fees involved. Therefore, the sales order continues to sit in limbo, resulting in many prized assets disappearing from collections in exchange for a meagre fee. Something TBALLER.eth knows all too well, after he lost his Bored Ape for just 0.77 ETH.

Thankfully, the folks over at Rarible have your back as their handy tool will quickly scan supported wallet IDs for any erroneous sales orders still hanging around. Just hook it up and check all is well before sending that token back to OpenSea.

Access Raribles order checking tool >> Here


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