A man’s fat-fingered mistake immediately caused him to lose $300,000 after entering the wrong amount of crypto currency into an online sale.
Over $390,000 has slipped from the hands of an NFT owner who accidentally sold a rare token for only a few thousand dollars.
The owner of a bored Ape Yacht Club non-refundable token – one of the world’s most coveted NFT collectibles – made a costly error when he tried to sell it for close to $400,000.
The user, who went by the moniker MaxNote, intended to sell the token for 75 ether (a type of cryptocurrency), which would equal $396,403.28. But slipping a finger, he accidentally typed in 0.75 Ether, which means that NFTs can be bought for as little as $3964.
He said that the token was “sniped” as soon as he made a mistake, or was quickly bought.
“How did it happen? I think there’s a lack of concentration,” he told the technical publication. cnet,
“I list a lot of items every day and wasn’t paying attention properly. I immediately noticed the error as my finger clicked the mouse, but a bot with a gas charge of over 8 ether ($34,000) A transaction was sent, so it was immediately snatched before it was canceled, and just like that, $250k (USD) was gone.
“The industry is so new, bad things are going to happen whether it’s your fault or the technology. Once you have no control over the outcome, forget it and move on.”
Similar errors have been in the headlines in the past.
In 2019, the company behind Tether, a cryptocurrency pegged to the US dollar, nearly doubled its own coin supply when it accidentally created $5 billion worth of new coins.
In March, BlockFi meant to send a group of customers 700 Gemini dollars, worth about $1, but mistakenly sent millions of dollars worth of bitcoin instead.
Bored Ape Yacht Club is one of the most sought after NFT collections in the world.
Owners of its token include Jimmy Fallon, Steph Curry and Post Malone. The cheapest token you can buy at the moment is 52 Ether or $274,839.