• 32 OpenSea users have reportedly lost NFTs worth ~USD 1.7 million in what the company claims to be a phishing attack that originated outside of OpenSea’s website. 

• The scammers have reportedly taken advantage of a contract migration initiative launched by OpenSea and a vulnerability in the Wyvern Protocol, a commonly used open-source standard that supports NFT contracts. 

<ul><li>The contract migration initiative was announced last week to introduce new safety features and to ensure inactive listings on the blockchain expire securely. The initiative followed the incident last month where a group of attackers exploited a bug in OpenSea to buy NFTs worth over USD 1 million at steep discounts. Being the world’s largest NFT marketplace has repeatedly marked OpenSea as a target for attackers and scammers. The company seeks to counter this issue partly by making active investments to improve platform safety and educate users, as indicated by the goals of its new venture capital arm and NFT grants program announced earlier this month .</ul>