Former Bored Ape NFT Owner Sues OpenSea for $1M Over Stolen NFT

A Texas man claimed that he lost his Bored Ape NFT in the phishing attack due to a lack of preventive safety measures on the platform.
BAYC NFT Owner Sues OpenSea

An NFT collector Timothy McKimmy who lost his BAYC NFT in a cyberattack dragged OpenSea to the court after citing a lack of preventive safety measures on the platform.

The complaint says that “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,”. 

He holds an OpenSea account under the nickname McKimmy, which was compromised by the hacker after exploiting security vulnerabilities on Feb 7, 2022. Which was resold for 0.01 WETH.

This price was far less than that of BAYC collection’s floor price. At the time of writing, its floor price revolves around 91.9 ETH, or $236K.

The victim filed for Bored Ape #3475 NFT, which contains an Army Green background with Tan fur. The ape contains accessories: Sunglasses, Baby’s Bonnet hat with phoneme vuh mouth.

After getting a negligible price for Bored Ape, McKimmy’s stolen NFT is currently on sale for 225 ETH or $607K on OpenSea. The current owner refused to return the NFT to him.

OpenSea users recently suffered massive phishing attacks and lost their valuable NFTs. Yesterday, OpenSea’s CEO came forward to deny rumor that their platform was compromised in the cyber attack. However, reportedly 17 users lost their NFTs.

McKimmy alleges that OpenSea “(failed) to implement policies and procedures to prevent, identify, detect, respond to, mitigate, contain, and/or correct security violations,” and is demanding payment for “the valuation of the Bored Ape, and/or monetary damages over $1,000,000.”

Related Posts