OpenSea Bug appears to be destroying nearly $ 100,000 in NFT

According to reports, a bug on the OpenSea marketplace has deleted NFTs worth 28.44 Ethereum (ETH) worth from users, which is nearly $ 100,000 at press time.

The information was posted online by Nick Johnson, the lead developer of Ethereum Name Service (ENS), who reported the loss of a first ENS-affiliated NFT called rilxxlir. Eth. ENS is a naming system that allows users to store text-based content as NFTs on the Ethereum blockchain.

When transferring NFT from an ENS account to a personal account, Johnson noticed that that the token was sent to a report that says:

“”I went to OpenSea, hit ”transfer” and typed ”nick.eth”. Moments later, the transaction is complete! rilxxlir.eth is converted to 0x0000… 0000edd899b. Wait what””

According to Johnson, his first interaction with OpenSea confirmed that an NFT burn bug had been introduced on the platform’splatform’s transfer page that affected all ERC721-to-ENS transfers in the past 24 hours.

Open sea speak:

“We reached out to a small number of users who were affected by yesterday’syesterday’s issue of sending NFT to the ENS name, which they sent to an encrypted version of the plaintext (e.g., ” “OS.eth ”) instead of the associated address. This is a bug that we introduced and fixed that day. “”

Johnson tracked at least 30 transactions from 21 accounts that lost NFTs due to system errors. According to the information, a total of 42 NFTs were burned.

Johnson explains that the lost ENS token has no monetary value but is valued as the first ENS name ever registered.

OpenSea did not immediately respond to Cointelegraph’sCointelegraph’s request for comment.

Related: OpenSea’sOpenSea’s 37-person team currently handles 98% of the combined NFT volume.

OpenSea became a crypto unicorn in August after raising $ 100 million in a funding round led by Andreessen Horowitz. Back then, OpenSea’sOpenSea’s 37-strong team handled 98% of the platform’splatform’s NFT volume.

To improve the recruitment process, the company offered successful referrals 1 ETH. “We are trying to add guerrilla recruiting to our recruiting process because of the urgent need for staff,” said Nate Chastain, Product Manager at OpenSea.

As Cointelegraph recently reported, OpenSea is currently the largest consumer of Ethereum network fees.