An NFT owner has lost $300k on a sale after a fat-finger mistake
A man’s fat-finger mistake saw him promptly lose $300,000 after entering the wrong amoung of crypto currency in an online sale.
More than $390,000 has slipped through the hands of one NFT owner who accidentally sold a rare token for just a few thousand dollars.
The owner of a Bored Ape Yacht Club non-refundable token — one of the most prestigious NFT collections in the world — made a costly error when he tried to sell it for close to $400,000.
The user, who went by the moniker maxnaut, had intended to sell the token for 75 ether (a type of cryptocurrency) which would equte to $396,403.28. But with a slip of the finger, he accidentally typed in 0.75 ether, meaning the NFT could be bought for the equivalent of $3964.
He said the token was “sniped”, or bought quickly, as soon as he made the mistake.
“How’d it happen? A lapse of concentration I guess,” he told tech publication CNET.
“I list a lot of items every day and just wasn‘t paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 ether ($34,000) of gas fees so it was instantly sniped before I could click cancel, 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 tech. Once you no longer have control of the outcome, forget and move on.”
Similar errors have made 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
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In March, BlockFi meant to send 700 Gemini Dollars to a set of customers, worth roughly $1 each, but mistakenly sent out millions of dollars worth of bitcoin instead.
The Bored Ape Yacht Club is one of the most highly sought after NFT collections in the world.
Owners of its tokens include Jimmy Fallon, Steph Curry and Post Malone. The cheapest token you can buy at the moment is 52 ether or $274,839.
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