At least $4.16 million was stolen, why did OpenSea upgrade the contract?

On February 20th, OpenSea, the world's largest NFT trading market, had a problem after the contract was upgraded. According to the security company Paidun, the "OpenSea vulnerability incident" is likely to be phishing, and users follow the phishing The instructions in the email authorize a "migration," which would allow hackers to steal valuable NFTs.

The mainstream NFTs of many users have been stolen. According to the rough statistics of Rhythm BlockBeats, there are already 3 Bored Apes, 25 NFT Worlds, 37 Nearly a hundred NFTs such as Azuki were stolen. Based on the floor price of mainstream assets, hackers obtained at least $4.166 million.

So, why does OpenSea carry out this contract upgrade? What does the upgrade do?

According to OpenSea officials, this contract upgrade is used to help solve the problem of inactive listing NFT on Ethereum. Upgrading ensures that old, inactive listed NFTs expire, enabling batch cancellation with one low-cost transaction.

At the same time, the new contract also introduces new functions such as batch cancellation and descriptive signature. Key features include:

1. More accurate ERC-1155 NFT floor price

Previously, if the number of ERC-1155NFT floor price exceeds 1 unit, the floor price will be calculated as unit price x quantity, which is obviously wrong.

2. Newly introduced "Music" tab

When the NFT collectible is music, it will display the MUSIC tag.

3. New cooperation on tax

Allows OpenSea users to access NFT tax preparation provided by CoinTracker end-to-end solutions.

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