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Another Expensive NFT Was Wrongly Sold At A Big Discount – How Does This Happen?

Another Expensive NFT Was Wrongly Sold At A Big Discount - How Does This Happen?
Bored Ape #835. Source: opensea.io

Another very popular and expensive non-fungible token (NFT), this time Bored Ape #835part of the popular NFT collection Bored Ape Yacht Club (BAYC), was sold for the minimum price of the collection. The community is debating what could be behind this.

On Tuesday morning (10:00 UTC), BAYC had a low price of 107 ETH ($360,000). However, Bored Ape #835, with a rarity of 86.83, sold for 115 DAI ($115), 99.9% below the collection’s minimum price.

According to OpenSea data, the previous owner of the NFT, alias “cchan”, accepted the DAI 115 offer on Monday. The owner also accepted an offer of 25 DAI for his Mutant Ape #11670, while the collection’s minimum price is currently 22.6 ETH ($76,000).

At first glance, it can be argued that the owner confused the stablecoin DAI with ETH, especially since ETH 115 and ETH 25 could be suitable rates for Bored Ape #835 and Mutant Ape #11670, respectively.

However, it’s worth noting that OpenSea lists the USD equivalent of the stakes next to the cryptocurrency, so it’s hard to miss. Moreover, the fact that the owner sold both NFTs to the same buyer makes the situation even more curious.

While the sale could have been the result of a bug, there is also a possibility that it was due to some sort of exploit. A Twitter user and NFT trader NFApes claims to have contacted the owner, saying they were unaware of the sale and it may have been a hack.

Cryptonews.com contacted OpenSea for comment.

Recently, users have seen several times their NFTs sold at a significantly lower price without their consent.

Earlier this year, exploiters were able to buy NFTs at the old OpenSea quotes. In a statement to Cryptonews.com, the marketplace denied the hacking allegations and detailed that the issue occurs when users create listings for their NFTs and then transfer the listed NFTs to another wallet without delisting.

More recently, OpenSea was the victim of a phishing attack when users saw their NFTs being sold without their permission. At the time, OpenSea CEO Devin Finzer stated that victims could “sign a malicious payload from an attacker.”

However, another suggestion was that the sales could be part of a tax evasion attempt, as pointed out by Twitter user Artchick.

“More like a tax evasion attempt, they sold it for 25 [долларов США] in the same purse,” she said. “They will probably claim that they were deceived…”

Meanwhile, according to Etherscan transactions, the buyer redeemed his share of the free ApeCoins (APE) that were given to Bored Ape holders last week. They received a total of 12,136 APEs ($172,700).

It is noteworthy that the buyer sent NFT and APE tokens to the third wallet.

What do you think?

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