A catastrophic typo caused a loss of $ 250,000
The Bored Ape Yacht Club is an NFT-based project built on the Atrium China block; This project consists of 10,000 avatars of lazy monkeys, each of which is sold in NFT format.
Many celebrities such as Jimmy Fallon, Steph Curry and Post Malone own the NFTs in this collection, and currently the cheapest avatar among dull monkeys is worth 52 ethers or $ 210,000; However, a person named Max on December 11, 1400, as a result of a typo called a fat finger error, bought one of these NFTs worth 75 ethers (about three hundred thousand dollars) at a much lower price (0.75 ethers equals 3 Thousand dollars) for sale.
Obese finger error is a slang term for a typo. When a person’s finger is larger than the touch surface, he or she may press two adjacent keys by placing one finger on one of the keys on the virtual keyboard; In some cases it can reverse this error; But this time it seems that Max has suffered a lot of financial losses.
Non-regular transactions, such as the purchase of NFT for $ 530 million, are often a sign of deceptive trading; But not only did Max’s obese finger fail, it cost him dearly.
Max, nicknamed maxnaut, wanted to sell his boring monkey avatar for 75 ethers, or about $ 300,000; But he mistakenly put the price on the list of best-selling NFTs, one-hundredth of that price, and 0.75 ethers.
The avatar was immediately purchased by someone; The buyer even paid $ 34,000 more to expedite the transaction and did not give Max a chance to make amends. The sold avatar quickly returned to the list of NFTs that could be bought for $ 248,000.
The transaction appears to have been performed by a robot encrypted by its owner for the immediate purchase of NFTs at specified underpinnings for profit from similar situations. According to cnet, Max said about his mistake:
I guess the carelessness and lack of focus is the reason for this, I put a lot of NFTs up for sale every day; But this time I was not careful enough. As soon as I clicked the mouse, I realized my mistake, but the buyer robot was faster than me and even paid more than 8 ethers ($ 34,000) to speed up the transaction. Before I could click the Cancel button, NFT was removed from the sales list and I simply lost $ 250,000.
Transactions that are done incorrectly as a result of a fat finger mistake in traditional finance, such as a Japanese trader who bought approximately 57% of Toyota shares in 2014 (2014) by typographical error, are often reversible with the help of financial institutions; But because digital currencies and NFTs are decentralized, in the event of such transaction errors, relying on the buyer’s good faith is the sole owner’s only hope for a return on investment.
In the last few years, the number of fat fingers in digital currency transactions has increased; In 2019, for example, the Tetra platform, the US dollar-denominated digital currency, mistakenly created new $ 5 billion coins, which doubled the platform’s coin inventory.
In March 2021, BlockFi exchanged plans to send $ 700 Gemini tokens (each worth $ 1) to a number of customers; Instead, he mistakenly sent them millions of dollars in bitcoins. Last month, the company mistakenly paid a $ 24 million fee of $ 100,000.
With the increasing use of digital currencies and the emergence of irreplaceable tokens, the occurrence of errors in the world of NFTs is increasing over time. In November 1400, someone planned to sell NFT cryptocurrency for $ 19 million; But he mistakenly put it up for sale for $ 19,000.
In August 2021 (October 1400), another NFT person mistakenly priced his bored monkey at $ 26,000 and was immediately bought by someone else. The original owner’s attempts and $ 50,000 offer to the buyer to return the NFT were unsuccessful, and the new owner instead sold the boring monkey for $ 150,000.
The field of NFTs is a nascent field; Mistakes, whether from you or the technology, are inevitable. When you have no control over the situation, it is best to forget and move on.