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A crypto wallet going by the name of ‘cchan’ has sold a $350,000-valued Bored Ape NFT for a mere 115 DAI ($115), as well as a Mutant Ape NFT for 25 DAI ($25). As of now, the reasoning behind the anomaly sales remain unknown, with rumours circulating that they could’ve been a mistake, a deliberate act, or a hack.
A Mistake?
As investigators have pointed out, the strange sales don’t appear to be of the prevalent ‘fat finger’ sort, as many are suggesting that cchan somehow mistook DAI for ETH. Such hypothesis is backed up by the fact that there were bids of 75 ETH and 106 ETH placed on the Bored Ape in question, which cchan failed to accept.
In addition, and after investigating the activity of one of the buyers, it is evident that they had been making multiple bids in DAI for Bored Apes, seemingly to trick someone into mistaking it for ETH. Using this mode of logic, it can be concluded that the plan worked, with cchan being its perilous victim.
A Deliberate Act?
Saying that, the hypothesis can perhaps be debunked by the fact that cchan would have had to consciously approve the use of DAI before selling both assets (which were sold within a minute of each other). Here, and with this synopsis, it could be argued that the sales, for an unbeknownst reason, were part of a deliberate move.
A Hack?
However, to trump both of these conclusions, a Twitter user claims to have contacted cchan, where they responded saying that they were unaware of the sales. Intuitively, this further suggests that cchan’s account had in fact been compromised.
Regardless of the truth behind the matter, and unless cchan has some form of connection to the Apes’ new owners, one thing that is certain is that cchan has missed out on a large sum of cash, as they initially acquired Bored Ape #835 for $50,000 last summer, with its sports sunglasses and cigarette traits suggesting that its true value would sit way above the collection’s $350,000 floor price.
Cchan also failed to claim the ApeCoin airdrops that were available to them through their Bored Ape and Mutant Ape ownership, which meant that following the purchase, the Bored Ape’s new owner cashed in on the airdrop to rake in 12,136 Ape tokens ($180,000).
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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