NFT Data Shows OpenSea’s Activity Dropping After Phishing Attack

Key Insights

• Over 227k users have not used the OpenSea platform in the last seven days
• LooksRare NFT daily volume is surging since the OpenSea attack
• This is the second attack of OpenSea during 2022

Although January had the highest trading monthly volume of $4.21 billion on the OpenSea NFT platform, it started slowly at the beginning of this month.

On February 20, over 250 non-fungible tokens (NFTs) were stolen during a phishing attack. The hackers tricked the users by emailing them to transfer their tokens to a new smart contract.

According to OpenSea’s co-founder and CEO Devin Finzer, on the same day of the attack, he tweeted that the hacker made about $1.7 million in Ether by selling some of the stolen tokens. Still, some analysts say that the real number is now between $2 and $3 million.

Some of the 250 NFTs stolen were from the Bored Ape Yacht Club and Decentraland NFT collections.

Teams with NFT collections on OpenSea, such as Shiba Inu, started investigating what really happened during last weekend’s attack on OpenSea.

What Is OpenSea’s On-Chain Data Showing?

According to DappRadar data, when it comes to daily active users, there has been a decline of 19.29% in the last seven days, where 227k users have not been active in the past week.

Another important on-chain metric is the total daily volume. It has dropped over 37.18% over the last seven days.

Meanwhile, the LooksRare NFT platform, which launched at the beginning of January, has increased 402% in total daily volume from $5.93 million (February 19) to $29.85 million (February 22) according to DappRadar.

It Isn’t the First Time OpenSea Has Suffered a Loss

Last month, in late January, OpenSea had an exploit of 332 ETH, at that time about $751k.

The exploit gave the opportunity to buy NFTs way below the floor price, such as a Mutant Ape that was sold for 0.77 ETH ($1,710 at that time).

Yesterday, one of the victims of the exploit, introduced a $1 million lawsuit against NFT platform OpenSea. During the exploit, hackers were able to buy the victim a Bored Ape for 0.01 ETH.

It looks like February hasn’t been a good month for OpenSea and NFTs in general. Cryptocurrency is getting more adoption these days, and hackers are using it to scam users.