Bored Ape Owner Filed A Lawsuit Against OpenSea After Stolen NFTs

A Bored Ape owner from Texas filed a lawsuit against Opensea marketplace over the exploit that saw high-value NFTs being sold for a fraction of their cost as we reported previously in our cryptocurrency news.

Timothy McKimmy wants his Bored Ape NFT back or demands damages of more than $1 million. His lawsuit could be the first that involved the inactive listings on the NFT marketplace. The Bored Ape owner from Texas unwittingly sold his NFT for 0.01 ETH which is the equivalent of $26 and he is now suited OpenSea for knowing about the bug that allowed hackers to purchase NFTs for a below-market price.

In a complaint filed in Texas Federal court, Timothy McKimmy claimed that he is the owner of a Bored ape #3475 which is one of the sets of 10,000 coveted NFTs from the bored ape Yacht Club. He claimed that he didn’t list his Bored Ape for sale and that the NFT was stolen and that the buyer resold it for 99 ETH worth $250,000. According to the owner, the ape in question was in the top 14^th percentile when it comes to rarity and it is much rarer than the one Justin Bieber owns which was purchased for $1.3 million. He wants the Bored Ape returned or damages in over $1 million.

McKimmy whose LinkedIn profile lists him as the CEO of Texas Iron Ore Firm, claims that the platform knew about the bug which was reported in the media but refused to halt the trading in the interest of profits. The complaint allegedly accuses OpenSea of negligence and breach of contract:

“Instead of shutting down its platform to address and rectify these security issues, Defendant continued to operate. Defendant risked the security of its users’ NFTs and digital vaults to continue collecting 2.5% of every transaction uninterrupted.”

He further alleged that he has tried to resolve the issue with OpenSea and the company said that he is investigating the incident but failed to do anything more than that. He is not the only one in this situation as he even issued about $1.8 million in refunds to users affected by the exploit but it remains to be seen how exactly the company is handling the reimbursements and refunding the amount.

The lawsuit was filed on Friday, could be followed by other owners as well. There’s a company already that is soliciting complaints from other OpenSea customers that lost NFTs due to the bug with the goal of filing a class-action complaint.

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• Source: https://www.dcforecasts.com/altcoin-news/bored-ape-owner-filed-a-lawsuit-against-opensea-after-stolen-nfts/