So, OpenSea f’ed around and found out that there are some people with deep pockets out there willing to take the world’s biggest NFT marketplace to court.  This is going to be Precedential… no pressure though ???? — Na7_L1 (@ProfeshSnorer) February 21, 2022 Timothy McKimmy, a Texas resident, has filed a lawsuit against OpenSea claiming […] The post BAYC Owner Files Million Dollar Lawsuit Against OpenSea appeared first on CryptosRus.

BAYC Owner Files Million Dollar Lawsuit Against OpenSea

So, OpenSea f’ed around and found out that there are some people with deep pockets out there willing to take the world’s biggest NFT marketplace to court. 

Timothy McKimmy, a Texas resident, has filed a lawsuit against OpenSea claiming the NFT marketplace is at fault for the sale of his BAYC (#3475) NFT. He is seeking 1 million in damages and/or the safe return of his NFT.

Recommended: How To Stay Safe With NFTs on Opensea

  • McKimmy’s NFTwas one of the NFTs that were stolen on Saturday night. OpenSea claims the stolen NFTs were a part of a phishing attack. Meaning, all stolen NFTs were due to user error.
  • The lawsuit counters that the marketplace hasn’t done enough to ensure the safety of users’ profile picture projects.
  • “Instead of shutting down its platform to address and rectify these security issues, Defendant continued to operate,” the lawsuit states. “Defendant risked the security of its users’ NFTs and digital vaults to continue collecting 2.5% of every transaction uninterrupted.”
  • McKimmy’s suit claims he still is the rightful owner of the NFT despite the fact that it’s already been resold because the “Plaintiff did not list his Bored Ape for sale on the marketplace.”
  • Moreover, the lawsuit also claims that the sale of the BAYC in question for 0.01 ETH was not from a phishing attack, but rather, from the fact that, “OpenSea’s vulnerabilities allowed others to enter through its code and force the listing of an NFT. This is through no fault of the owner.”
  • According to Decrypt, McKimmy is the CEO of a Texas iron company. Recently, OpenSea was valued at over 13 billion USD, making them what many law firms would deem a cost insensitive client.
  • McKimmy is represented by Andrew Dao (no relation to decentralized autonomous organizations) of the Daly & Black law firm.

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