Free NFT Turns Into $190,000 Loss for Unlucky Trader on OpenSea Pro
A free non-fungible token (NFT) has turned into a $190,000 loss for one unlucky trader on the newly opened OpenSea Pro marketplace, which caters to more active and professional NFT traders.
According to data from the Ethereum blockchain that was first spotted by users on social media, a trader that had been farming on OpenSea rival NFT marketplace Blur unintentionally bid 100 ETH, worth around $190,000, for a free Gemesis NFT that was being distributed to users as a token of gratitude for OpenSea’s acquisition of Gem in April 2022 as they moved to a “pro experience.”
While some speculate that the 100 ETH bid may have been an attempt to launder money, others argue that it was a genuine mistake, as the bid was open and available for anyone to accept at any time.
This type of mistake is commonly referred to as a “fat finger” error, which occurs when someone accidentally presses the wrong button on a keyboard, resulting in an unintended action and potential losses if the user fails to double-check before confirming. Unfortunately for the trader, once the bid was confirmed, the transaction could not be reversed due to the immutable nature of cryptocurrency transactions.
The bidder’s identity is still a mystery at the time of writing. The only clue from on-chain transactions is that the bidder trades frequently on Blur, an NFT marketplace that competes with OpenSea and is driven by the community.
As CryptoGlobe reported, earlier this year a cryptocurrency investor lost over $2 million in a trade that swapped out of a stablecoin pool into USDT, but only received $0.05 in return.
The investor used KyberSwap’s aggregator to trade 3CRV liquidity provider tokens, which offer exposure to DAI, USDC, and USDT. The trade was routed through a Uniswap pool with only $2 of liquidity and no slippage protection, resulting in a huge loss for the investor.
A blockchain bot detected the imbalance and made another trade that netted over $2 million in profit. KyberSwap is trying to help the investor recover the funds.
Featured Image via Pixabay
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