NFT CryptoPunk owner sold it to himself for $ 532 million in Ethereum

On the night of October 29, NFT CryptoPunk # 9998 was sold for a record 124,457 ETH ($ 532 million at the time of the transaction). However, the deal turned out to be fictitious — the owner sold the token to himself.

The creators of the CryptoPunks collection from Larva Labs said that a user under the nickname blurr bought a token with an instant loan and repaid the loan with the same transaction. They argue that the transaction was not technically legal.

“Some of the recent big bets have been done in the same way. Ethereum was offered and removed in one transaction. Although the application is technically valid, it cannot be accepted. “

In a note to the transaction, blurr left a message: “Looks rare.”

The commission for the transfer of 124,457 ETH was about $ 800.

Now the user has once again put CryptoPunk # 9998 up for sale for 250,000 ETH ($ 1.07 billion). In August, the token price was 110 ETH.

Larva Labs has already announced that it will add filters to notifications so that such invalid transactions based on Flash Credits are no longer available. Analytical service CryptoSlam said it will delete the data on this transaction.

Recall that the most expensive non-fungible token from the CryptoPunks collection was lot # 7523, also known as COVID Alien. It was bought in June 2021 for 4,520 ETH ($ 11.8 million at the time of the transaction).

Earlier, the owner of NFT CryptoPunk # 6046 refused to sell the token for 2500 ETH ($ 9.49 million at the time of the bid).