Why Has OpenSea Always Been Susceptible to Hacks?

Over the last five months, OpenSea has experienced incidences of account compromise reports by its users. These OpenSea hacks have led to many NFTs worth large sums of money being traded without the user’s permission. It has led to a rise in concern by its users over digital asset safety on the platform. OpenSea is the largest non-fungible token(NFT) trading platform, boosted by its popularity among the NFT community and various digital assets that one can trade. Hence, it has become an enticing platform for users with malicious intent. This article will give you insight into why OpenSea is always susceptible to hacks. Let’s dive in: Phishing Attacks on OpenSea On February 19, 2022, hackers successfully managed to steal hundreds of NFTs from OpenSea users. According to Devin Finzer, the CEO of OpenSea, the attack is a phishing attempt that’s not connected to the company’s website. He also noted that 32 users signed a malicious payload, and some of their NFTs were stolen. Later, however, after their internal investigations, OpenSea stated that the hack impacted only 17 individuals as the initial statement included any user who interacted with the attacker rather than only victims. A phishing attack is a type of social engineering that involves masquerading as a trusted entity to steal user data, such as their login details. It can happen through various methods, such as sending an email or text message. After clicking on a link...