Suspicions Raised as $350,000 Bored Ape NFT Sells for Just $115

By José Oramas March 30, 2022 In Crypto News, DeFi, Hackers, NFTs, Scams

The owner of a Bored Ape NFT worth US$350,000 sold it for only 115 DAI (US$115) in what appears to be either a costly mistake or some kind of hack of the owner’s OpenSea account.

We’re accustomed to seeing NFTs – especially those from the Bored Ape Yacht Club (BAYC) – being sold for hundreds of thousands or even millions of dollars. Mistakes abound in this space, however. Three months ago, the owner of a Bored Ape mistakenly sold his NFT for US$3,000 instead of its market value price of $300,000.

In this latest case, however, bells started ringing in the NFT community as it’s unusual to see an owner of a valuable Bored Ape accepting such a low offer.

Second Undervalued Transaction, Same Buyer, Same Day

The owner of Bored Ape #835, who goes by the moniker “cchan“, accepted a bid of only 115 DAI – an Ethereum-based stablecoin – for his NFT. But what’s striking is that cchan also sold his Mutant Ape (from the Mutant Ape Yacht Club) #11670 for 25 DAI to the same buyer on the same day.

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Bored Ape #835 is now owned by a user with the handle “6315EF”.

Currency Confusion or Tax Dodge?

People on crypto Twitter started conjecturing possible explanations for this event, such as cchan confusing ETH with DAI. Another possibility is tax-loss harvesting, which is selling certain assets at a loss to offset capital gains made via the sale of other assets or stocks, thus minimising the amount of taxes owing.

However, one user on Twitter said cchan was not aware of the situation, which suggests he had his account hacked:

This is quite a significant loss for cchan, having acquired his Bored Ape #835 in August last year for 15 ETH (US$51,000 today).

The NFT space is chock-full of horror stories like this. As Crypto News Australia reported a week ago, a trader with the online handle Dino Dealer sold his US$1.2 million clipart rock for less than a cent after erroneously listing the NFT for 444 wei, the smallest denomination of ETH, instead of 444 ETH.

José Oramas
Author

José Oramas

José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.

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