Phishing attacks cause trading activity and the number of traders on OpenSea to plummet

Activity on OpenSea dropped dramatically following a recent phishing attack that cost users around $3 million worth of NFTs.

OpenSea to plummet

Trading activity on OpenSea falls

According to data from DappRadar, trading activity fell 37% to around $660 million, while the number of traders in the largest NFT market also fell nearly 20% to just over 220,000.

This appears to be due to the impact of the recent theft on the platform. According to the report, the attacker successfully spoofed OpenSea’s email asking users to port their NFT to a new smart contract. However, the attacker’s email smart contract tricked the original holder into selling him their digital token for 0 ETH.

A brief report on the situation shows that no fewer than 17 users were victims of the hack, with $1.7 million in damage. However, independent researchers estimate that figure could be between $2 million and $3 million.

One of the victims who lost Bored Ape, Timothy McKimmy, filed a lawsuit against OpenSea, accusing the company of “negligence” and asking the court to compel the company to pay him “the value of Bored Ape and/or damages of more than $1,000,000”.

Disagree with data from DappRadar

However, a statement from OpenSea suggests they disagree with the figures from DappRadar. According to the platform, “More accurate and complete data is available at Dune Analytics”.

Consider Data from Dune Analytics, recent attacks have had little or no impact on user transactions and activity on the platform.

LooksRare, the competing NFT platform launched in early January, could be one of the new markets OpenSea users are looking to.

However, data from DappRadar over the last 7 days shows a 65% drop in trading volume on the platform, while BloctoBay (a relatively new marketplace built on the Flow blockchain) has seen trading activity increase by 215%.

Mintable restores 3 stolen Azuki NFTs

In another development, new NFT marketplace Mintable revealed that it has recovered 3 NFTs stolen in the recent OpenSea attack.

According to a market press release, NFTs were found on LooksRare, a platform described as a haven for “wash trades and stolen NFTs.”

Mintable further claimed that they bought NFTs for sale on their platform before “going through the list of stolen NFTs and buying Azuki #1178, #4176 and #1180 for about 13.35 ETH and wanted to return them to former holders “.

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