Following the discovery of a major exploit in OpenSea’s trading mechanics, the NFT giant has launched several tools to help traders discover errant sales orders. Effective immediately, users can swiftly check their prized NFTs for any unclosed transactions.
The problem occurred when members failed to cancel open listings due to the gas prices involved. Then later, choosing to transfer the asset to another wallet address. When the NFT eventually returns to its original location, the sales order is still live in the background. As a result, unscrupulous traders learned to locate these items and profit from the mistake.
Going forward, an additional “listings” tab on the OpenSea dashboard allows its members to check all open orders, utilizing a simple dropdown menu for the process. Therefore, the two options available indicate active and inactive listings, where users can scan for erroneous entries. From there, they can also cancel any unrequired listings.
What’s going on:
Listings made a long time ago are resurfacing when items transfer back into lister’s wallets.
What we did:
We can’t cancel these orders for listers, so to fix the problem, we launched a new listings manager today.https://t.co/jy2sUhaBUA pic.twitter.com/6b8lHmkEYN
— OpenSea (@opensea) January 24, 2022
Over the last few weeks, a number of high-profile events have seen users relieved of their valuable assets by exploiting the OpenSea loophole. So, the platform designed the new updates to offer additional protection, urging all OpenSea users to check their listings record immediately.
In addition, OpenSea has also added another warning that alerts members when they list an item below the floor price. Designed to aid the fat fingered traders among us who, in the heat of the moment miss that all important decimal point.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Decentralised human, Explorer, Adventurer.