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A trader walked off nearly $1.5 million richer after tricking a bot by copying his trades to buy a slew of NFTs at a markup. Also, NFT trader’s $1.5 million bot chess move. YouTuber and nonfungible token (NFT) trader Hanwe Chang said he scored 800 Ether. ETH worth around $1.5 million, by tricking a rival trader’s bot into buying his own inflated NFTs. On 5th August, X (Twitter) post, Chang said that he noticed a bot was copying his bids on the NFT marketplace Blur and decided to trick them. NFT-focused account, A Raving Ape, speculated that from a separate, anonymous wallet, Chang purchased multiple Azuki NFTs sharing the same background color.After knowing that bots were copying his trades, Chang placed an inflated bid on the NFTs held in his anonymous wallet from his publicly-known hanwe.eth wallet. Once a bot automatically copied the inflated bid, Chang accepted it from his anonymous wallet and was able to palm off the NFTs at a significant markup. The owner of the bot, known as elizab.eth, responded to Chang’s post claiming the funds were stolen and offered to discuss a 10% bounty if the funds were returned. Chang’s on-chain move triggered discussion over its legality. According to Lawyer Gabriel Shapiro, elizab.eth might have good legal claims to get their ETH back from Chang’s trick but only if they hire a skilled litigation attorney.Secondly, we would like to discuss NFT volumes. NFT volumes nearly halved in July. NFT volumes have continued to slide in the ongoing bear market, having sunk by almost half in July. Figures from NFT data aggregator, CryptoSlam show United States dollar sales volume decreased nearly 42% over July, starting with $22 million in daily volume before sinking to $12.8 million on July 31.July’s drop comes after a significant rally in late June, with daily sales volumes peaking at nearly $58.5 million on June 27, the largest trading day since $61.9 million on 16th March. Royalties from NFTs are also biting creators. On 25th July, a report from Nansen said that out of the 699,816 ETH in royalties paid to NFT projects, just 9.4% of the figure was in the first half of 2023. Nansen also said the effective fee rate for royalties has seen a significant downtrend. Average royalties in 2022 were 2.5%, but as of July 2023, they had dropped to 0.6%, a 98% drop.Lastly, NFT-related thefts have seen their slowest month in 2023. Figures by blockchain security firm PeckShield shared on 6th August show around $1.7 million worth of NFTs were stolen in July. The figure marks a 31% decrease from June. PeckShield also said that half of the stolen NFTs were sold within less than three hours, or 165 minutes, on marketplaces such as Blur and OpenSea after being nabbed. PeckShield claimed that Blur had the highest number of stolen NFTs at just over 67%, while OpenSea had just under 20% sold through its platform. And, just over $41.5 million worth of NFTs have been stolen in 2023 up until the end of July. February was the biggest month for NFT thieves, with $16.2 million worth of tokens stolen. So, that&#39;s a wrap for today’s WedNewsDay, we hope you all enjoy the read! Stay tuned for next week’s WedNewsDay and don’t forget to follow our social media accounts. Thank you!Follow us onWebsite | <a href="https://werentnft.io/" rel="noopener noreferrer nofollow">https://werentnft.io/</a>Instagram | <a href="https://www.instagram.com/werent_nft/" rel="noopener noreferrer nofollow">https://www.instagram.com/werent_nft/</a>Twitter |<a href="https://twitter.com/WebuyOfficial" rel="noopener noreferrer nofollow"> </a><a href="https://twitter.com/WerentOfficial" rel="noopener noreferrer nofollow">https://twitter.com/WerentOfficial</a>Medium |<a href="https://medium.com/&#64;webuynft" rel="noopener noreferrer nofollow"> </a><a href="https://medium.com/&#64;werentnft" rel="noopener noreferrer nofollow">https://medium.com/&#64;werentnft</a>Facebook | <a href="https://www.facebook.com/werentnft" rel="noopener noreferrer nofollow">https://www.facebook.com/werentnft</a>Youtube | <a href="https://www.youtube.com/&#64;WeRentNFT" rel="noopener noreferrer nofollow">https://www.youtube.com/&#64;WeRentNFT</a>

WedNewsDay! Trader nabs 800 ETH by baiting a bot plus NFT thefts!

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