In response to his Bored Ape Yacht Club (BAYC) NFT unwittingly selling for a mere 0.01 ETH ($26), a disgruntled NFT enthusiast is filing a lawsuit against NFT marketplace titans, OpenSea. The Texan plaintiff, who goes by the name of Timothy McKimmy, is asking for $1 million worth of damages, and/or the return of his beloved Bored Ape.
McKimmy claims that his Bored Ape #3475, which is in the top 14th percentile when it comes to rarity, was stolen from him via an exploit which allowed hackers to buy NFTs for far below their market prices. In accordance to McKimmy’s claims, and as you’d expect most thieves to do, the asset was immediately sold after its appropriation, for a profit-heavy price of 99 ETH ($250,000).
What forms the backbone to McKimmy’s judicial endeavour, and what may unsettle him almost as much the alleged theft of his asset, is his claim that OpenSea were fully aware of the bug, and that the platform’s chiefs simply chose to continue with trading in the interest of profit.
To further his quibbles with OpenSea even more, McKimmy also claims to have repeatedly contacted the platform in order to begin resolving the issue, however their response that they are ‘actively investigating’ appears to be hollow, as zero action has since been observed.
McKimmy is one of many NFT holders to have suffered from the ‘inactive listing’ exploit, however his decision to take legal action over the matter is the first of its kind. If successful, the case may have the potential of setting a judicial precedence, where the case of ‘McKimmy’ will become the saviour to all future ‘inactive listing’ related victims.