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Bored Ape NFTs sold for a bargain price thanks to exploit



 An exploit on the NFT marketplace OpenSea has led to a series of strange sales at very low prices.


A loophole in the OpenSea NFT marketplace has arguably resulted in some items being sold for significantly less than their actual minimum price. NFTs from the Bored Ape Yacht Club (BAYC) are said to be particularly affected. BAYC #9991's owner, Tballer, was furious when he heard his Ape was going for just 0.77 Ethereum (about $1,700). 


The buyer, named “ jpegdegenlove ”, was also able to purchase two more BAYCs for 6.66 ETH (about $14,700) and just under 23 ETH (about $50,800). And this despite the fact that the minimum price for a BAYC NFT is currently 86 ETH. At the time of writing, that's around $200,000. The BAYC-NFT collection is the second largest collection in OpenSea at all. She has now turned over 338,000 ETH. The account in question is already listed as “ OpenSea Opportunistic Buyer ” on Etherscan.


The reaction of other BAYC owners was not long in coming after these events became known. A number of them took to Twitter to speculate how this could have happened. The most likely thesis, it seems, is that some owners, like TBaller, have not paid the necessary gas fees. Instead, they used OpenSea's “Transfer” feature.


OpenSea: Listing of NFTs remained active after transfer

However, it is precisely this function that makes the NFTs susceptible to such exploits as “ jpegdegenlove ” took advantage of. When NFT owners transfer their NFTs from a main wallet to a secondary wallet and back to the main wallet, they can effectively unlist their items from OpenSea. However, this transfer method does not appear to cancel previous listings on the backend of the blockchain. In this area, the NFTs remain vulnerable to the exploit.


This can be remedied by using orders.rarible.com . There, NFT holders can view all past and current listings of their NFTs on Rarible or OpenSea. Paying the Gas Fees effectively deletes these old entries so they can no longer be purchased via the blockchain. 

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