NFT Collector Loses $250,000 over Simple Mistake
Crypto News

NFT Collector Loses $250,000 over Simple Mistake

11 months ago

A fat-fingered error means the investor sold his Bored Ape for $3,000 — far below the floor price of $210,000.

NFT Collector Loses $250,000 over Simple Mistake


If you're feeling bad about a mistake you've made while trading cryptocurrencies, spare a thought for this NFT collector.

Over the weekend, the owner of a Bored Ape accidentally sold their prized possession for just $3,066 — a bargain considering that the cheapest NFT from this collection is currently available for $210,000.
Max had intended to advertise the NFT for $300,000 — but instead of typing 75 ETH, they typed 0.75 ETH.
Within the blink of an eye, a buyer swooped in — paying $34,000 in fees so their transaction would be processed faster than anybody else's.
The unlucky collector told CNET that a "lapse of concentration" was to blame, explaining:

"I list a lot of items every day and just wasn't paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 ETH of gas fees so it was instantly sniped before I could click cancel, and just like that, $250,000 was gone."

All of this means that the new owner of the Bored Ape will make a healthy profit whenever the NFT is resold. Indeed, it's already being advertised for a cool $248,000.

Listen to the CoinMarketRecap podcast on Apple PodcastsSpotify and Google Podcasts

A Huge Mistake

Such blunders have happened in the world of Bored Apes before.

CNET reports that someone accidentally listed one of these prized NFTs for $26,000, but it was sold by the time they realized their mistake.
Although they offered $50,000 cash to the buyer, the offer was turned down.

Max appears to be pretty sanguine about what happened, telling the publication:

"The industry is so new, bad things are going to happen whether it's your fault or the tech. Once you no longer have control of the outcome, forget and move on."

In the fiat world, payment processors often give you a chance to double-check a transaction before you send it — and may even flag if something doesn't look right. In some cases, reversals can also be achieved.

But it's different in the world of crypto, and if a mistake is made, you may have little to no chance of recouping your funds. Max's story serves as a powerful lesson to check, double-check and triple-check before completing a payment — especially if it involves large sums of crypto.

14 people liked this article