Automation Works…Until it Doesn’t (A Cautionary Tale)

TL;DR

• Hanwe Chang (aka ‘hanwe.eth’) observed somebody was copying his bids on the NFT market, Blur. So, in his phrases, he “determined to trick them.”

• He arrange a second account, transferred 12 Azuki NFTs, and made a ‘dummy bid’ of 50ETH (~$91,000USD) on every NFT along with his hanwe.eth account.

• The bot noticed this, and beat the bid, successful every for about 10x what they have been price.

• The bot’s proprietor, “elizab.eth,” then came forward on Twitter, claiming the “funds have been stolen type [their] bot.”

Full Story

Final week we wrote about how “automation works…till it doesn’t.”

Of us, it is occurred once more.

It occurred on a a lot smaller scale than the Curve exploit – this time folks on Twitter X referred to as it “PvP” (i.e. participant vs. participant; NFT dealer vs. NFT dealer).

This is what occurred:

Hanwe Chang (aka ‘hanwe.eth’) observed somebody was copying his bids on the NFT market, Blur.

So, in his phrases, he “determined to trick them.”

He arrange a second account, transferred 12 Azuki NFTs, and made a ‘dummy bid’ of 50ETH (~$91,000USD) on every NFT along with his hanwe.eth account.

The bot noticed this, and beat the bid, successful every for about 10x what they have been price.

The bot’s proprietor, “elizab.eth,” then came forward on Twitter, claiming the “funds have been stolen type [their] bot.”

🤔

The 2 merchants are discussing the potential for a bounty and elizab.eth stated Chang might hold 10% of the funds if he agreed to return the remaining.

If that does not work out, elizab.eth has stated the matter will likely be taken to courtroom.

As we stated people, automation works…till it doesn’t.

Keep secure on the market!