Thursday, October 6, 2022
HomeNFTOpenSea's user activity drops by about 20 per cent 

OpenSea’s user activity drops by about 20 per cent 

According to Bloomberg, there has been a big drop in the number of people using OpenSea since the $3 million NFT theft three days ago. The platform worked for two days to stop the attack and protect users’ money.

It was at least 20% less active than it was before. According to DappRadar, the seven-day trading volume on the platform went down by 37% over that time.

The largest NFT marketplace was hacked by an unknown hacker who spread a malicious email that asked people to move their assets into a new smart contract. Dozens of big traders signed a contract that made it easy for them to share their non-fungible tokens with another person in a way that was very direct.

The stolen tokens were sold on a rival platform called LooksRare for more than $650,000. The tokens, which included valuable pieces from the Bored Apes NFT collection, were sold there.

A lot of people said that they were leaving the platform after the NFT community got involved in the whole thing. This is what the decentralised tracking services say. 230,000 people have left the LooksRare platform in just seven days. Between Feb. 20 and Feb. 23, the trading volume on the platform rose from $5 million to $25 million; that’s a lot of money!

CTO Nadav Hollande said that the incident should make a lot of people think about how safe the assets on the platform really are. Also, he said that because contracts were being changed, he could do this because the company was moving them around.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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