An NFT Trader Tricks Bot into Buying His NFTs at Inflated Prices
A trader named Hanwe Chang has made a profit of 800 ETH (worth almost $1.5 million) by tricking a bot into purchasing his NFTs at elevated prices. Chang claimed that a bot was copying all of his bids on the Blur NFT marketplace. To outsmart the bot, he placed bids on his own NFT sale, knowing that the bot would copy his bids. This resulted in the bot purchasing his NFTs at massively inflated prices.
Key Points:
- Hanwe Chang made 800 ETH profit by tricking a bot on the Blur NFT marketplace.
- He placed bids on his own NFT sale to outsmart the bot.
- The bot copied his inflated bids, resulting in the bot purchasing his NFTs at elevated prices.
- Chang’s actions sparked discussions in the NFT community, with some calling it an epic case of player versus player in the NFT trading market.
- However, others criticized Chang for engaging in illegal market activity of fraud or wire fraud.
While Hanwe Chang’s strategy may have been successful in making a significant profit, it raises ethical concerns within the NFT community. Engaging in bid spoofing or shill bidding is considered fraudulent and illegal. This incident serves as a reminder of the risks and potential misconduct that can occur in the NFT trading market.
Hot Take:
Hanwe Chang’s clever tactic to trick a bot into buying his NFTs at inflated prices highlights the need for increased regulation and transparency in the NFT market. While some may applaud his ingenuity, it is important to prioritize fair and ethical practices to maintain trust within the crypto community.
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