OpenSea has been sued by a former owner of the rare Bored Ape NFT. The lawsuit was filed after an OpenSea listing bug caused the NFT to sell for only $26. Timothy McKimmy, a Texas man is seeking $1 million for damages and the return of his prized Bored Ape.

Bored Ape Yacht Club (NFTs) are among the most highly sought-after digital collectibles. The collection’s lowest priced NFT is at present over $200,000.

McKimmy claims that OpenSea knew about the bug, but did not act. Hackers were able, in January 2017, to purchase a variety of NFTs from the platform at a fraction of their market price.

On February 7, 2022, McKimmy’s rare Bored Ape #3475 was sold for $26 (0.01 ETH) without his knowledge. Quickly, the buyer flipped McKimmy’s rare Bored Ape #3475 for almost 99 ETH (or about $308,445). McKimmy paid 55 Ethereum to buy the NFT December 2021.

McKimmy expressed dissatisfaction with the settlement, even though OpenSea did refund $1.8million to those affected by the vulnerability. McKimmy stated in his Texas federal court complaint:

Instead of taking down its platform, defendant continued operating. Defendant risked the security of its users’ NFTs and digital vaults to continue collecting 2.5% of every transaction uninterrupted.

According to the legal document, the only resolution that will appease the plaintiff is “the return of the Bored Ape [..]Damages to property and/or personal injury [USD] 1 million.”

OpenSea was at the centre of numerous legal disputes and frauds. The latest, a sophisticated phishing attack targeting its users, has been well orchestrated. In a phishing scheme, hackers allegedly stole $1.7 million from 17 NFT market users.

Continue reading on BTC Peers