Scammers Abuse OpenSea Policy to Sell NFTs of 6th Largest BAYC Holder

• The sixth largest BAYC holder said his NFT was exploited on OpenSea twice a week.
• OpenSea is yet to respond to the claims, but the matter is getting attention in the NFT community.
• Last Friday, a US court tossed out a lawsuit against OpenSea.

Some people have exploited OpenSea’s ape policy to sell the Bored Ape Yacht Club (BAYC) NFTS to collectors. Franklin, the sixth largest BAYC holder, tweeted yesterday, complaining that the ugly incident has happened to him twice in one week.

The prominent NFT holder claimed someone sold his collection offer after it was already marked as ‘under review for suspicious activity,’ using a ‘Match Advanced Order’ function.

Previously, Franklin had told OpenSea to remedy the failing stolen ape policy after an ape with a yellow caution market was sold to his OpenSea offer for 65 WETH with over $1,600 in fees.

The NFT holder added while complaining about OpenSea:

You collected 1.625 WETH in fees, and I cannot resell this ape. It was already marked before the sale happened. You have failed with this policy.

However, OpenSea is yet to respond to the claims made by Franklin, but the development is getting attention in the NFT community. Critics believe the NFT marketplace has not done much with the policy and that there was little success in catching stolen apes.

In other news, a US judge recently dismissed a lawsuit against OpenSea and the parent company of BAYC, Yuga Labs, which alleged that the parties failed to adequately prevent and respond to NFT theft.

According to reports, the plaintiff, Robert Armijo, bought three BAYC NFTs between November 2021 and January 2022. However, his Ether wallet was hacked using a phishing link, and the hacker then sold Armijo’s NFTs on OpenSea and LooksRare.