OpenSea Experiences Bug, NFTs Worth $100k ‘Burned’

The popular NFT platform OpenSea was recently affected by a bug that accidentally deleted some non-fungible tokens owned by users. These tokens had a combined value of 28.44ETH (Ethereum), or nearly $100,000 at current prices.

Nick Johnson, lead developer of Ethereum Name Service (ENS), first reported the news. ENS allows users to store text-based content on the Ethereum blockchain using.eth domains. Johnson claims that he lost an NFT related to the first ENS registered with the domain “rilxxlir.eth”, which is also the oldest continuously registered ENS names, first’mined in 2017 and longest continually registered ENS names.

Johnson later explained that he discovered the anomaly while trying to transfer the NFT from his ENS account to a personal account. Inadvertently, the token was sent to a burned account.

Johnson noticed that the NFT was being transferred from an ENS account into a personal account.

Before accepting the offer, I transferred it to my personal account. This was done by going to @opensea and hitting ‘transfer’. rilxxlir.eth transferred to 0x0000…0000edd899b. Wait, what?

— nick.eth (@nicksdjohnson) September 7, 2021

Johnson attempted to find the bug after the incident. Johnson’s analysis showed that at most 30 transactions were lost from 21 accounts, and 42 NFTs were burned. Johnson stated that the “[…] incident revealed a bug which could have led to some irreplaceable non-fungible NFTs being burned. Johnson also said that it was fixed before anyone else could be affected.

OpenSea reached out to the affected users and stated that the bug was discovered and fixed the same day the report was made. OpenSea, the NFT platform leader, is responsible for the highest average daily consumption of Ethereum network fees at $4.2million.

We reached out to the few users affected by yesterday’s issue where sending an NFT from an ENS address sent it to an encoded text version (e.g. Instead of the associated address, “OS.eth” was used instead. This was a bug that we discovered and fixed the next day.

— OpenSea (@opensea), September 9, 2021

Johnson had never interacted with OpenSea before. The incident with Johnson’s ENS address was the first case to be recorded, which eventually led to the confirmation that the NFT-burning bug was present on the NFT platform’s transfer page. Within the last 24 hours, all ERC-721 transfers to ENS addresses have been affected by this bug.

Johnson said that the NFT lost had no practical monetary value. However, it did have historical value because it was the first ever ENS number. OpenSea assured its users that the bug was fixed and will not occur again on the platform.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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https://www.cryptodaily.co.uk/2021/09/Open-Sea-Experiences-Bug-NFTs-Worth-100k-Burned