Disgruntled user claims faulty security caused him to lose his token
Going Ape
We’re all familiar with the promise of non-fungible tokens (NFTs). Businesses are exploring uses for them from video games to concert tickets, and there is a burgeoning marketplace that includes art, music, collectibles and more. As with any new technology, where there is opportunity, lawsuits eventually follow, laying out the groundwork for our latest case: Michael Vasile v. Ozone Networks, Inc. Filed in New York State court, the complaint alleges that OpenSea, a dba of Ozone and a giant NFT marketplace valued at $13 billion-plus, is riddled with security vulnerabilities that allowed a valuable NFT to be sold out from under its owner.
Vasile is the owner of Bored Ape #8858, an NFT created by Yuga Labs. If you want to go deep on the actual Bored Ape NFT collection, be our guest, but for now you don’t need to know anything about it except that it’s valuable.
According to Vasile, #8858, which he had listed for sale on OpenSea, was valued at one point at 135.00 ethereum (a popular cryptocurrency), which translates to north of $400,000 as of this writing. Toward the end of January, #8858 was sold without his permission at a fraction of that high value (24.89 ethereum). It was then resold, he claims, to another user for 92.90 ethereum.
If his facts are correct, Vasile lost a ton of money.
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