NFTs marketplace OpenSea has reimbursed losses to users affected by a vulnerability in the platform's non-fungible token listing feature totaling 750 ETH ($1.9 million as of Jan. 31), Bloomberg has reported.
OpenSea first reported a bug on December 31 last year that allowed expensive tokens to be purchased at discounted prices.
Prior to the advent of the urgent opt-in feature (tokens are automatically removed from the site after a certain amount of time), users had to remove their NFTs from the list themselves. This required the payment of an additional fee, which in some cases was too high.
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However, when transferring a token to a third-party wallet and vice versa, the NFT was no longer displayed in the marketplace interface. At the same time, the delisting was not confirmed on the blockchain, so NFTs could still be purchased through the API. This allowed tokens to be purchased at the previous prices, which were often significantly lower than the current ones.
To fix the bug, OpenSea released a listing and unlisting feature and reduced the default duration of listing NFTs from six months to one. In addition, all users were notified of the need to de-list tokens.
OpenSea has indicated they actively interact with victims and compensate their losses. Collector Robert Garcia has revealed the company has reimbursed him 13.8 ETH after his NFT was sold at a discounted price of 4.7 ETH.