OpenSea NFT heist: Attackers make off with millions of digital assets

OpenSea lost about 20 percent in activity after the NFT heist. The hacking case discredited the world's largest NFT marketplace.

Blockchain monitoring services reported seeing a rapid decline in user activity on OpenSea. According to DappRadar, activity on the platform has dropped by at least 20 percent, while seven-day trading volume has dropped 37 percent.

Market Shifts to Competitor with OpenSea NFT Heist

The platform's two-day efforts to neutralize the attack were not enough to protect users' accounts. After this scandal, many users stated that they would leave the platform.

At the end of the process, 230 thousand users left the platform. Trading volume on rival platform LookRare rose from $5 million to $25 million between February 20-23.

As a result of the attack, LookRare was used to sell stolen NFTs.

Sharing an email asking users to transfer their assets to a new smart contract, the hacker stole at least 254 NFTs from OpenSea. 17 major users were affected by the event.

Davin Finzer, CEO of OpenSea, announced the total value of the stolen tokens as $1.7 million. However, independent organizations said the amount was even higher.