NFT Trader Hanwe Chang’s Ingenious Move Nets $1.5 Million on Blur Marketplace – Here’s What Happened
An NFT dealer that goes by the identify Hanwe Chang has made 800 ETH, price virtually $1.5 million, after tricking a bot into shopping for his NFTs at elevated costs.
Writing on the social media platform X on this weekend, Hanwe Chang claimed {that a} bot was copying all of his NFT bids on Blur, a brand new NFT market that has lately overtaken the beforehand dominant OpenSea as the highest market by quantity.
“Observed that somebody’s bot was copying my bids on Blur, so I made a decision to trick him… Made 800 ETH revenue thanksss,” Chang wrote, whereas sharing a screenshot of 12 transactions of NFTs from the Azuki assortment that have been offered for 50 ETH every.
Azuki is a lately launched NFT assortment that raised close to $40 million throughout its launch.
Positioned bids on his personal NFT sale
The submit and screenshot shared by Chang rapidly sparked discussions within the NFT neighborhood on X, the social community previously often known as Twitter, provided that the latest commerce of the same NFT introduced in solely 5 ETH.
On-chain information from Etherscan reveals that the 12 NFTs have been gathered by Chang in an Ethereum pockets, and that income from the commerce have been despatched to a pockets labelled as hanwe.eth.
In line with X person A-Raving-Ape.eth, what seems to have occurred is that Chang has positioned bids on the NFTs he already owned, identified {that a} bot would copy his bids.
Consequently, Chang seems to have efficiently tricked the bot to purchase his NFTs at costs that have been massively inflated by his personal bidding.
“That is an epic case of [player versus player] within the present NFT buying and selling market,” the person wrote.
One other neighborhood member agreed with the general principle of how the commerce was made, however warned others that Chang’s tweet concerning the commerce “will go down because the dumbest of all time.”
“Hanwe admits to ‘Bid Spoofing’ or ‘Shill Bidding’ — an unlawful market exercise of Fraud or Wire Fraud,” the person wrote.
