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Millions Of Loss Refunded To Investors On Open Sea

Open Sea has assured that no loopholes are likely to occur in the future, and old lists cannot be brought into use.

Millions Of Loss Refunded To Investors On Open Sea-vpn
Author
Bengaluru, First Published Jan 31, 2022, 5:40 PM IST

Open Sea has made a decision to refund every single investor with the amount of money he lost due to the bug with buying highly-priced NFTs at very low prices. Hackers were somehow able to evade the server and managed to deliver the investors with millions of losses. 

There were some investors who supported hackers in buying NFTs at fairly low prices, and each of them investors was tracked and questioned, as per Get India News. The rare NFTs that hackers bought led the company to millions of losses, and the company still decided to somehow return the lost amounts to investors. 

  • The scam is known to have been continued for weeks, and hackers kept on buying rare NFTs at very low prices as compared to the market ones. Many investors played a wrong part in this by allowing hackers to buy shares at low prices
  • It is known that NFT's worth approximately to about a million were bought by the hackers, and the bug on the open sea tool was behind this tragedy or scam.
  • The loophole has now been closed, and no hacker can get into the server and misuse it. Even the old listing has been renewed, and no investor can buy NFTs according to them, leaving some cases.
  • The loss and the buying could not be taken back or returned, and everything had to be managed again. Even the managing committee was replaced to make sure that none of these loopholes occurred again. 
  • Using unofficial links and websites, the old listing can still be used, and transactions can still be done, which can be avoided by only using official sites.

End Verdict

Tragedies like this have a few chances to occur, but when they do, they deliver the investors as well as the managing committee with huge losses. However, Open Sea has assured that no loopholes are likely to occur in the future, and old lists cannot be brought into use.

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