Although scams and frauds are common in the cryptocurrency world, people occasionally cause themselves the most losses. A joke that went bad cost one NFT trader on Wednesday a staggering loss of 100 ether, or $150,000.
Franklin, a trader, using a pseudonym and known for owning more than 50 NFTs from the Bored Ape Yacht Club, lost his assets and stated that he deserved "all of the joke and criticism."
LONG BEACH, CALIFORNIA - APRIL 09: Images are displayed on the roof at the grand opening of the Bored & Hungry pop-up burger restaurant, which uses NFT art for its branding, on April 9, 2022 in Long Beach, California. The restaurant is using images from the popular Bored Ape Yacht Club NFT (non-fungible token) art series with the owner stating that Bored & Hungry is the first food concept to utilize crypto art for branding.
A Fake Bid Turned Real
To explain how he lost all of his ether, CNET said that Ethereum wallets come with a 40-character limit by default (0x, followed by 38 unrelated letters and numbers). However, ENS lets customers purchase a name for their wallet.
Crypto traders purchase ENS domains (e.g. techtimes.eth) in addition to wallet names for their aliases in the hopes that, just like website domains, these wallet addresses would one day be valuable.
On Twitter, there are a number of "ENS bot" accounts that highlight notable ENS domain transactions, including the recent $90,000 acquisition of samsung.eth, according to CNET.
Franklin attempted to entertain himself on Monday by using Twitter bots to report an absurd ENS offer. He intended to coin a goofy ENS name with the help of his supporters, then offer 100 ether ($150,000) on the ENS NFT on OpenSea using a different wallet.
With that offer, he planned to activate the ENS bot. Franklin eventually created the name "stop-doing-fake-bids-its-honestly-lame-my-guy.eth." The scheme was successful because a few ENS sales bots tweeted the false bid.
"Bag Fumble of The Century"
After that, though, someone offered Franklin 1.891 ether ($2,890) for the ENS address. Franklin said that accepting the offer was the most unexpected 1.891 ETH he had ever received. However, he failed to remove his 100 ether bid from his second wallet, so the offer was still in effect.
The purchaser benefited greatly by paying Franklin $2,890 for the ENS address and then reselling it to Franklin's second wallet for $150,000.
"Oh no, I lost 100 ETH. I was celebrating my joke of a domain sale, sharing the spoils, but in a dream of greed, forgot to cancel my own bid of 100 ETH to buy it back. This will be the joke and bag fumble of the century. I deserve all of the jokes and criticism," Franklin wrote on Twitter.
Here is a summary of what happened. There’s a 0% chance I’ll get back whatever the person who sold into my stupid joke bid, but I might as well try. I sent them this NFT:https://t.co/PeRU3OIQjr pic.twitter.com/SPmwsSlgIa
— Franklin (@franklinisbored) July 20, 2022
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Written by Joaquin Victor Tacla
