--- title: "NFT Man Sues for $1 Million After His Precious Ape Is Stolen" description: "OpenSea, the largest digital marketplace for NFTs, is facing a $1 million lawsuit over an owner, who claimed to have lost his Bored Ape NFT to hackers because of a known security flaw." date: "2022-02-22" modified: "2022-02-22" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/nft-lawsuit-1-million" categories: - "Blockchain" - "Future Society" - "NFTs" tags: - "nfts" - "opensea" - "the digest" --- # NFT Man Sues for $1 Million After His Precious Ape Is Stolen ![OpenSea, the largest digital marketplace for NFTs, is facing a $1 million lawsuit over an owner, who claimed to have lost his Bored Ape NFT to hackers because of a known security flaw.]() *\Image: OpenSea/Futurism\* ## NFT Lawsuit OpenSea, the largest digital marketplace for NFTs, is facing a $1 million lawsuit from a collector who says he lost his Bored Ape NFT to hackers because of a known security flaw the marketplace failed to patch, [*Decrypt* reports](). The plaintiff, Texas resident Timothy McKimmy, is seeking a cool million in damages after his prized possession was sold for a measly 0.01 ETH, roughly $26 — which is well below market price, with Bored Apes frequently selling for hundreds of thousands. McKimmy claims he never actually put the Bored Ape on sale in the first place, according to [a complaint]() filed with a federal court. According to the document, his "stolen" NFT was later resold for 99 ETH by hackers, or roughly a quarter of a million dollars. It's part of a much greater problem, with NFTs being stolen or resold left and right. [Scams]() and [phishing attacks]() are now happening almost constantly. All told, it doesn't inspire much confidence in the nascent NFT marketplace. ## Hacked and Resold It's not even the first time somebody took advantage of the same OpenSea exploit. In fact, just last month, the platform had to [reimburse around $1.8 million]() ETH to a user whose NFTs were similarly sold well below market price due to a known "inactive listings" exploit. In fact, the hackers could've gotten a lot more out of the NFT they stole from McKimmy. Considering its rarity, his NFT is perhaps worth more than the Bored Ape Justin Bieber [paid $1.3 million]() for earlier this year, according to *Decrypt*. "Instead of shutting down its platform to address and rectify these security issues, Defendant continued to operate," the complaint reads. "Defendant risked the security of its users’ NFTs and digital vaults to continue collecting 2.5 percent of every transaction uninterrupted." McKimmy also reportedly reached out to OpenSea to rectify the issue, but they merely told him it was investigating the incident. **READ MORE:** [OpenSea faces $1 million lawsuit over stolen Bored Ape NFTs]() \[*Engadget*\] **More on NFTs:** *[Melania Trump Accused of Secretly Buying Her Own NFT to Avoid Disgrace]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()