Costly Mistake: Mutant Ape NFT Sold for 17 USDC Instead of 17 ETH Worth $54,000

August 31, 2021, 11:00 AM AEST - 4 weeks ago

Confusing USDC for ETH is a costly stupidity fee in the world of crypto and NFT trading. This kind of “accident” happens when you don’t pay attention, and there is no customer service desk to help you get a refund.

Mutant Ape #5275.

Last weekend, Mutant Ape #5275 sold for just $17 (0.0035 ETH) instead of 17 ETH (US$54,000) on OpenSea. Here is the transaction on Etherscan.

Floor price for the Ape is 7.95 ETH (US$24,200). The new owner of Mutant Ape #5275 scored the deal-of-a-lifetime discount after fooling the seller by cheekily sending through his purchase bid in USDC (instead of the usual transaction currency of ETH).

Mutant Ape #5275 Now on the Market for a Cool $18K

According to Etherscan and OpenSea, poor Douglass had spent about 2.87 ETH ($9,100), including fees, to mint Mutant Ape #5275 before mistakenly selling it to lucky recipient FungiblesV1 for only 17 USDC (instead of the 17 ETH he likely assumed). Only three hours later, he swiftly flipped the NFT for 5 ETH, making an easy profit of $15,900, which he then onsold to new owner Weevis who currently has a highest offer pending of 5.7691 ETH ($18,318.80).

The initial sale has raised the question of whether OpenSea should as a matter of course post a warning in the order of are-you-sure-you-really-want-to-sell-this-NFT-for-a-99.9%-loss?

Misfortunes such as this are sadly commonplace in the wild west of NFT collectibles. In early August, Crypto News Australia reported how another simple error led to a US$69,000 CryptoPunk selling for under one cent.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.