Timothy McKimmy VS OpenSea: User Sues OpenSea For $1M After Losing Bored Ape NFT

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A man from Texas-Timothy McKimmy is suing OpenSea for $1million over the loss of his Bored Ape Yacht Club NFT #3475—one of a set of 10,000 highly coveted primate NFTs. Actually, there are two options; To return the Ape NFT or pay for damages.

It is said that he lost his NFT as a result of a phishing attack, however, Timothy McKimmy is more than convinced that OpenSea has a role to play in all of these.

Timothy McKimmy is apparently not the only one involved in the OpenSea shenanigans, however, unlike many other NFT owners who chose to accept their fates and take the L, he decided to take his before a court.

Here’s How It All Happened According To Timothy McKimmy

Around February 7, 2022, a hacker gained access to his wallet, which inherently resulted in an illegal sale of his Bored Ape Yacht Club NFT to a third party for 0.01WETH, equivalent to $26.

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As of February 21st this year, the Bored Ape Yacht Club NFT’s selling price would be around $25.73 which is more like giving it away, seeing that the price floor for the collection is 91.9 ETH,

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Did You Know? Currently, the cheapest Bored Ape NFT is selling for 91.5 ETH or 240k? The gap between the cheapest Bored Ape NFT and how much Timothy McKimmy’s NFT was acquired is simply crazy!!!

Pardon my use of three exclamation marks, this is me literally screaming with words. I hope you get it.

It gets crazier, the same Timothy McKimmy lost Bored Ape NFT now sells for 225ETH or $592k. Once again, see for yourself

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According to McKimmy, the ape in question is in the top 14th percentile when it comes to rarity, and is significantly more rare than the Bored Ape NFT Justin Bieber recently purchased for $1.3 million. He is seeking "the return of the Bored Ape [..] and/or damages over $1 million."

Not too long ago, a number of OpenSea users reported losing their tokens as a result of a phishing attack. It is said that at the time the attack occurred, OpenSea was working to update its smart contract so as to protect its users from hacks and whatever attack there is. For an update of this magnitude, an official email is sent to users, requesting that they authorize the new contracts.

Unfortunately, the hacker use this to an advantage, went to trick a good number of users into signing a scam code that granted him total control of their wallets—one of the victims being McKimmy.

According to Timothy McKimmy, OpenSea failed at implementing structures or strategies to help protect users and detect violations.
He goes on to state that they continued to operate without interruptions without actually shutting down the platform to solve the issue. He tags it a case of ‘negligence and a gross breach of contract.

Timothy McKimmy has also stated that trying to resolve the issue with OpenSea has yielded no result, despite being told about an active investigation.

There have been several other cases like this and OpenSea has issued about $1.8 million dollars in reimbursements to users affected. Timothy McKimmy’s complaint also states that OpenSea has been offering other victims involved the floor price(lowest price for any NFT collection) regardless of how much more the NFT they lost is or were worth provided they agree to sign a non-disclosure agreement.

What do you think about the whole situation?

Who do you think is at fault?

Do you think Timothy McKimmy has solid grounds to pursue this case?

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