According to OpenSea, only 32 users had been affected. The estimated value of the stolen tokens is more than $1.7 million. The next day, The Verge reported that hundreds of NFTs were stolen from OpenSea users causing a huge panic among the platform community. The company denied rumors the source of the theft was its website, its listing systems, emails from the company, or an upgraded contract system. OpenSea later revealed a phishing attack had taken place on its platform via an exploit in the Wyvern Platform. On February 19, 2022, some users began to report that some of their NFTs disappeared.

The following day, OpenSea reversed the decision following user backlash and later admitted that 80% of NFTs created with the tool were plagiarism or spam. On January 27, 2022, OpenSea announced it would limit how many NFTs a user can create using the free minting tool. Later that month, OpenSea reimbursed users about $1.8 million after a user interface bug allowed users to buy more than $1 million worth of NFTs at a discount. In January 2022, OpenSea acquired Ethereum wallet-maker Dharma Labs. In March 2021, the company raised $23 million in venture capital four months later the company announced another investment round of $100 million making it a unicorn. Īfter a 2018 pre-seed round by Y Combinator, OpenSea raised $2.1 million in venture capital in November 2019. OpenSea's Head of Product hoarded NFTs just before they were featured on the homepage. In September 2021, OpenSea admitted that an employee engaged in insider trading. In 2017, Devin Finzer and Alex Atallah, Inspired by the release of CryptoKitties, founded OpenSea. The daily trading volume on the OpenSea marketplace reached a record $2.7 billion on May 1, 2022, but four months later had dropped by 99%. By January 2022, the company had been valued at $13.3 billion and was described as the largest non-fungible token marketplace. In 2021, following a heightened interest in non-fungible tokens, the company's revenue reached $95 million in February and $2.75 billion in September of that year. OpenSea offers a marketplace online allowing for non-fungible tokens to be sold directly at a fixed price, or through an auction. The company was founded by Devin Finzer and Alex Atallah in 2017. OpenSea is an American non-fungible token (NFT) marketplace headquartered in New York City.

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