NFT bubble turns ugly as hackers make off with digital art fortunes | Business

On December 3, at 12:28 in the afternoon, Tim McKimmy, a Texas mining executive, became the proud owner of a digital monkey in sunglasses. With a few keystrokes he transferred $230,000 (£170,000) to an anonymous seller and in return he received a smart contract, known as a non-fungible token (NFT), that signified he was now the rightful owner of Bored Ape #3475.

McKimmy’s dalliance with the world of digital collectibles did not last long. This month, a hacker broke into his account on OpenSea, the world’s top NFT marketplace, sold the ape to himself for $20 and then immediately resold it to someone else for $308,000.

McKimmy, now short one very expensive primate, has sued OpenSea, claiming he is owed at least $1 million