Bored Ape Owner Sues OpenSea for $1M Over Phishing Attack

Source :

NFT News

  • OpenSea is being sued by Bored Ape NFT owner Timothy McKimmy for $1 million.
  • McKimmy claims OpenSea is aware of the cyberattack that caused the liquidation of his Bored Ape NFT for 0.01 ETH.
  • The lawsuit can influence other victims to take action against OpenSea.

NFT marketplace OpenSea’s woes continue to pile up, as user Timothy McKimmy filed a $1 million lawsuit against the company.

McKimmy owned one Bored Ape Yacht Club (BAYC) NFT, which was one of the assets compromised in the latest OpenSea cyberattack. In detail, McKimmy’s NFT got sold for only 0.01 ETH, equivalent to only $26.

The series of complaints include that OpenSea was aware of the vulnerability that led to the exploitation. Also, some of McKimmy’s reasons for the lawsuit is that OpenSea is the sole responsible for the bugs that specifically allowed the hackers to penetrate the platform and purchase Bored Ape as far below the market price.

Alongside the complaint filed by McKimmy, he revealed several proofs as pieces of evidence that showed he is the rightful owner of the mentioned NFT.

Moreover, McKimmy is not satisfied why OpenSea did not shut down its platform and remained focused on an investigation to rectify the security issues but rather continued operation. He also accused OpenSea of its negligence and breach of contract.

He explained,

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.

Furthermore, he claims that he did not list his Bored Ape NFT for sale and that it was stolen. In addition, the NFT community suggested that the lawsuit could influence other OpenSea customers who fell victim to the phishing attack to sue the platform.

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