Apr 22, 2022
How to lose $700k in a second
How’s your week going?
Definitely not as bad as this poor chap.
Someone just accidentally listed his jpeg for 444 wei instead of 444 eth.
That is actually 99% of his entire net worth.
He lost $1.2m just like that.
Poof.
For those wondering, wei is the smallest denomination of ether.
One ether = 1,000,000,000,000,000,000 wei
Ok fine, he wanted to list for 444eth, that doesn’t mean it will sell for 444eth.
Of course that is just the expect price he wants to sell it, it does not mean that someone will pay for it.
But the floor price is 249eth which is still $700k.
I know what you are thinking: $700k for a picture of a rock?
Whatever, this is cryptoland!
Get use to it.
Not too sure how he accidentally listed it for 444 wei.
But a bot instantly sniped it and flip it for 234eth.
Ouch.
It was his entire net worth.
And now its gone.
On a serious note, I have so many questions.
How do you even select wei as the denomination?
Isn’t there a double-confirm function on the user side?
How does such sniper bots for NFTs work at all?
Why is Ether Rock, a jpeg of a rock in different shades of grey, worth $700k?
Can OpenSea or the marketplaces do anything about it and perhaps help reverse the transaction?
Should marketplace have another layer of confirmation before listing?
Interesting idea from reddit: He should make an NFT of the transaction and sell it.
That will probably make him more money.
So many hacks, exploits, scams, phishing and bad actors lounging around the corners of web3 nowadays.
So stay sharp, be extra cautious and never, ever, for whatever reason, give anyone your seed phrase.
If you don’t know what’s that, awesome.
If you know what it is, all the more you have be vigilant.
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Would you put your entire net worth in an NFT?
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#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #bitcoin #cryptocurrency #branding #blockchain #cryptoland #ethrock #bots #nftsniping #badday
