NFT Collector Files $1 Million Lawsuit Against OpenSea
An unhappy NFT collector who lost a Bored Ape NFT last month has filed a $1 million lawsuit against the popular NFT marketplace OpenSea.
According to a complaint filed last Friday, a collector called Timothy McKimmy is suing OpenSea in Texas for security weaknesses on its platform that caused his valuable NFT to be sold considerably below fair value. McKimmy's case arises from a listing error that caused his Bored Ape #3475 NFT, which he paid 55 ETH ($137,000) for, to sell for 0.01 ETH ($26) earlier this month.
According to CoinGecko data, the Bored Ape Yacht Club floor price was 100 ETH ($305,000) at the time of the sale. Moments later, the attacker "flipped" the NFT in question for 98.9 ETH.
McKimmy claims that OpenSea neglected to resolve the security problems, putting users' NFTs at danger, as part of the lawsuit. McKimmy is one of many NFT holders who were victims of the 'inactive listing' scam, but his decision to file a lawsuit is the first of its type. If successful, the case might set a legal precedent, with 'McKimmy' becoming the rescuer of all future 'inactive listing' victims.