25th January 2022 > > OpenSea.

tl;dr

There is a fundamental flaw in OpenSea that has been the subject of a scam.

Market Snap (at time of writing)

Market Wrap

As we move closer to Russia’s impending invasion of Ukraine (which will not be physically challenged by NATO, and certainly not by the EU) perversely risk assets stabilise for a day or so.

Curious Cryptos’ Commentary – OpenSea exploit

The world’s largest non-fungible token (NFT) website has a front-end issue that has been exploited overnight giving risk to a loss of 332 ETH or more ($750k or more).

The exploit is a simple one.

I do know of several readers who have listed NFTs for sale on OpenSea – please make sure your listings do not fall foul of this exploit.

…

If a user has listed an NFT for sale on OpenSea and then decides to delist it, OpenSea makes a charge for the delisting.

A workaround to avoid the delisting charge is to transfer the NFT from one wallet to another, thus removing the listing from OpenSea’s website.

However – the listing remains active and can be seen using Rarible which uses the OpenSea API to view all live listings.

As an example, this Bored Ape was bought for 30 ETH and immediately sold for 130 ETH, netting the buyer a nice round 100 ETH, approximately £175k:

And for clarity – this is a software problem, not a hack, nor theft. It is entirely legal.

Please make sure you do not fall foul of this problem.

Reserve Treasury Protocols (before they all go to zero)

Reminder – Olympus and Wonderland are, to the best of my knowledge, live viable projects. XEUS, FORT and JADE turned out to be scams, though they are still live scams. Scams are not uncommon in these Wild West fringes of Decentralised Finance (DeFi).

Photon appears to have won the prize for being the most extraordinary scam. In under 18 hours it went to zero. And as far as I can tell – and I am no blockchain analytics expert – they walked away with less than $30k.

It is very upsetting we have scumbags like that around.

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