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After a $3 million NFT heist, OpenSea’s User Activity Dropped By About 20%

According to Bloomberg, third-party blockchain tracking firms have seen a significant decrease in user activity on OpenSea since the $3 million NFT robbery three days ago. For two days, the platform worked to protect users’ funds and neutralize the attack.

Although the platform’s activity declined by at least 20%, DappRadar reports a 37% drop in trade volume in seven days on the platform. By spreading a fraudulent email asking customers to transfer their assets to a new smart contract, an unidentified hacker made off with at least 254 NFT tokens from the largest NFT marketplace.

There were at least 17 big traders who agreed to the terms of the contract, which allowed a straightforward way to give someone else access to one’s non-fungible tokens. Tokens worth $1.7 million were stolen from OpenSea, but independent analysts estimate that the hacker caused between $2 million and $3 million in harm, according to OpenSea’s CEO.

The hacker or hackers sold the stolen tokens, including priceless items from the Bored Apes NFT collection, for over $650,000 on the competing site LooksRare.

Traders Have Jumped Ship In a Panic

Many users have claimed that they want to abandon the platform following the involvement of the NFT community, which has been corroborated by decentralized tracking systems. The transaction volume on the LooksRare platform jumped from $5 million to $25 million between February 20 and February 23. Almost 230,000 users have deserted the platform in the past week.

CTO Nadav Hollande admitted that the exploit was possible because of contract migration, but he said that the incident should raise awareness about the security of assets kept on the platform.