Cheapest Bored Ape monkey!
As of January 2022, NFTs from Bored Ape Yacht Club (BAYC) collections were selling in the five to six figures. Max (Twitter username: maxnaut) was among the privileged few who held one of these NFTs and was looking to sell it for 75 ETH (around $300,000 at the time). Instead, it listed the NFT for 0.75 ETH (around $3,000), which is one-hundredth of its predicted price.
Almost immediately, the NFT was purchased by another user and quickly relisted for $248,000. Max was unable to reverse the trade, as the buyer had used a robot and paid 8 ETH ($34,000) in gas fees just to ensure the trade would be executed immediately.
A struggle for reimbursement!
Thevamanogari Manivel, an Australian, had requested a $68 refund on Crypto.com due to a typing error. But when the Crypto.com employee went to make the transaction, he returned $7.2 million instead. She didn’t point out the mistake and bought herself a luxurious five-bedroom house for her sister, worth over $890,000.
It took Crypto.com seven months to discover the error during an annual audit and now the company also wants a refund. The lawsuit was filed in the Supreme Court of Victoria and Manivel’s account was frozen. Crypto.com wants its money back, with interest, and the case is set to continue in October 2022.
The most expensive transaction
Although transaction fees can skyrocket on Ethereum, paying $24 million in fees raises eyebrows. The error occurred when Bitfinex transferred $100,000 worth of ETH to DeversiFi (currently Rhino.fi). This transaction was supposed to cost $33, but $24 million was paid instead as gas costs.
Fortunately, the Ethereum miner who received the funds returned them to DeversiFi. The latter noted that while the blockchain is immutable, the crypto revolution will be defined by our values as people.
Alm Maye has been a trader and analyst since 2013. He is an expert in equity markets, Forex and cryptocurrencies. He is the creator of Almvest.com and Imveste.com, two sites dedicated to personal finance. He participates in the development of feature articles on specialized sites such as Actions-boursieres.fr, as well as the international network of Finixio.com.