NFT Site OpenSea Hit By Another Scandal

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Back in the summer of 2020, everyone in the cryptosphere thought that the one item to remain from the epic Bitcoin bullrun would be DeFi (decentralized finance), but in the end it proved too technical for the mass public.

By the time 2022 rolls around, we know that the one thing the public would take away from the crypto spring of the 2020s, would be NFTs, non-fungible tokens.

Insider trading and phishing

They are being traded and collected just like rare pieces of art, and are democratically accessible to anyone wanting to create or buy them. Problem is that the biggest auction site of NFTs worldwide, OpeanSea, seems to attract more scandals than it wants to. A few months ago, it was plagued with insider trading. This time round, it would seem members have become victims of a ‘phishing attack’.

At least that was the official explanation after users of the website claimed that some of their digital assets, mostly consisting of NFTs from the Cool Cats and Doodle collections, had been stolen.

As far as we can tell, this is a phishing attack. We don’t believe it’s connected to the OpenSea website. It appears 32 users thus far have signed a malicious payload from an attacker, and some of their NFTs were stolen.

— Devin Finzer (dfinzer.eth) (@dfinzer) February 20, 2022

OpenSea CEO Devin Finzer tried to detract attention over the weekend, claiming that:

As far as we can tell, this is a phishing attack. We don’t believe it’s connected to the OpenSea website. It appears 32 users thus far have signed a malicious payload from an attacker, and some of their NFTs were stolen.

Hacks of NFT collections should serve as a reminder that users have to be cautious when operating in the new world of Web3.0, certainly when it comes to unregulated markets. With this latest attack, it is sure that the MSM will be calling for regulators to step in again.

FellowNeko / Depositphotos.com