OpenSea will eventually pay back the victims of the last listing bug. Until now, a total of 750 ETH has been given to the involved users. Besides, the company published a listing fix to stop such events forthcoming.
The listing bug in the NFT community made headlines, removing some of the most prominent NFTs for peanuts. The affected series have BAYC, Mutant Ape Yacht Club, Cool Cats, and CyberKongz NFTs. Repayment probably won’t make up for all the losses, but I think it is what it is at this point.
The listing bug is actually an abuse on the OpenSea system, in which NFTs are sold using older listing prices which were at no time manually discarded by the owner. The strikers decided on different blue chip NFTs as their goal. These series’ have grown tremendously over the last year, creating a huge gap between the old listing price and the existing market value. Thus, all of these listings, particularly those listed before OpenSea ran out of listing expiration dates, were at danger.
Another reason for this abuse is the high ETH gas fees, which is received if users were to cancel a listing manually. In this way, many experienced users changed NFTs to another wallet, and then transferred it to the original wallet. This seems to delete the listing, or it does in the OpenSea UI.