1 year ago
NFT trader's $1.5M bot chess move
YouTuber and nonfungible token (NFT) trader Hanwe Chang said helium scored 800 Ether (ETH), astir $1.5 million, by tricking a rival trader’s bot into buying his ain inflated NFTs.
In an Aug. 5 X (Twitter) post, Chang said he noticed a bot was copying his bids connected the NFT marketplace Blur and decided to instrumentality them.
An NFT-focused relationship A Raving Ape speculated that from a separate, anonymous wallet Chang purchased aggregate Azuki NFTs sharing the aforesaid inheritance color.
Context connected however @HanweChang executed a program to perfection and made 800e by selling "Off White A - Background color" azuki astatine 50e each and azuki elementals astatine 15e each.
This is an epic lawsuit of PvP successful the existent NFT trading marketplace ⚔️
Hanwe has been coasting astatine the apical spot of… pic.twitter.com/M8Ujm8CquJ
Knowing bots were copying his trades, Chang placed an inflated bid connected the NFTs held successful his anonymous wallet from his publicly-known hanwe.eth wallet.
Once a bot automatically copied the inflated bid, Chang accepted it from his anonymous wallet and was capable to thenar disconnected the NFTs astatine a important markup.
Seemingly, the proprietor of the bot known arsenic elizab.eth responded to Chang’s station claiming the funds were stolen and offered to sermon a 10% bounty if the funds were returned.
We would similar to sermon a bounty with you. We are offering a 10% bounty of immoderate funds stolen from our bot, which are yours to support if you instrumentality the remaining 90%.
— elizab.ethᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠᅠ (@ThinkingETH) August 5, 2023Chang’s on-chain determination triggered treatment implicit its legality.
Lawyer Gabriel Shapiro said helium thinks elizab.eth “might person bully ineligible claims” to get their ETH backmost from Chang’s instrumentality — but lone if they prosecute a skilled litigation attorney.
NFT volumes astir halves implicit July
NFT volumes person continued to descent successful the ongoing carnivore market, having sank by astir fractional implicit July.
Figures from NFT information aggregator CryptoSlam amusement U.S. dollar income measurement decreased astir 42% implicit July with the period starting disconnected with $22 cardinal successful regular measurement earlier sinking to $12.8 cardinal connected July 31.
Weekly NFT income with achromatic enactment depicting U.S. dollar income volume. Source: Cryptoslam!July’s driblet comes aft a important rally successful precocious June wherever regular income volumes peaked astatine astir $58.5 cardinal connected June 27, the largest trading time since March 16’s $61.9 cardinal figure.
Royalties from NFTs are besides biting creators. A July 25 report from Nansen said retired of the 699,816 ETH successful royalties paid to NFT projects, conscionable 9.4% of the fig was successful the archetypal fractional of 2023.
Nansen said the effectual interest complaint for royalties has seen a important downtrend — mean royalties successful 2022 were 2.5% which arsenic of July 2023 had dropped to 0.6%, a 98% drop.
Slow period for NFT thefts
On the different hand, NFT-related thefts person seen their slowest period successful 2023.
Figures by blockchain information steadfast PeckShield shared connected Aug. 6 amusement astir $1.7 cardinal worthy of NFTs were stolen successful July. The fig marks a 31% alteration from June.
PeckShield said fractional of the stolen NFTs were sold wrong little than 3 hours, oregon 165 minutes, connected marketplaces specified arsenic Blur and OpenSea aft being nabbed.
#PeckShieldAlert In July 2023, ~$1.73M worthy of #NFTs were stolen, marking a 31% alteration compared to the erstwhile month. Within a span of 165 minutes, fractional of the stolen NFTs were promptly sold connected assorted marketplaces. The percent of stolen NFTs initially sold connected @blur_io… pic.twitter.com/cknsefpfwe
— PeckShieldAlert (@PeckShieldAlert) August 6, 2023Blur had the highest magnitude of stolen NFTs sold, with implicit 67% portion OpenSea had conscionable nether 20% sold done its platform, PeckShield claimed.
Just implicit $41.5 cardinal worthy of NFTs person been stolen successful 2023 up until the extremity of July. February was the biggest period for NFT thieves, wherever they stole $16.2 cardinal worthy of tokens.
Gary Vee’s NFT task besides steps into sneaker trend
VeeFriend’s, the NFT task by entrepreneur and net talking caput Gary Vaynerchuck has joined the latest craze of NFT-related sneakers.
On Aug. 4 VeeFriend’s announced its partnered with Reebok to motorboat a constricted variation sneaker lone disposable to those holding an alpaca-related NFT arsenic portion of the collection.
Dreamers, let’s bash this. We’re arrogant to present the VeeFriends x @reebok Aspiring Alpaca Classic Nylon, the footwear that volition instrumentality you wherever you aspire to go. pic.twitter.com/DHsvMdHPGR
— VeeFriends (@veefriends) August 3, 2023The footwear looks similar immoderate different speech from a fewer changes. The lingua of the footwear depicts the archetypal handdrawn mentation of VeeFriend’s alpaca NFT and the NFT project’s logo appears successful spot of Reebok’s.
Related: NFT state usage shows downward trend, signals displacement successful landscape
It’s the 3rd sneaker-NFT task successful caller weeks. In precocious June Dior enactment up a caller enactment of sneakers that offered an NFT replica and NFT’s came embedded successful Puma’s caller sneaker collection.
Other Nifty News
The Federal Bureau of Investigation (FBI) has yet caught connected that criminals are hijacking societal media accounts and posing arsenic legit NFT and crypto abstraction figures, posting a warning of the inclination connected Aug. 4.
NFT protocol JPEG’d confirmed 5,495 ETH worthy astir $10 cardinal was returned by the Curve Finance hacker, who received a bounty of 610.6 ETH, oregon $1.1 million.
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