In a subtly daring maneuver, an NFT trader known as Hanwe Chang has reportedly turned the tables on a trading bot, leading to an unexpected profit windfall. Chang reportedly made a striking 800 ETH – almost a whopping $1.5 million. This was achieved by outsmarting a bot that was replicating his NFT bids on the Blur, the latest marketplace significantly driving NFT volume and surpassing other platforms such as OpenSea.
The scenario unfolded when Chang noticed the bot’s seemingly automated actions and hatched a plan. He ended up selling 12 NFTs from the Azuki collection to this bot for an excessive 50 ETH each. To put that into perspective, Azuki, a recently launched NFT collection, amassed close to $40 million in its initial phase.
It appears that Chang took advantage of a rather unique circumstance. Some members of the NFT community believe that Chang, realizing the bot’s behavioural pattern, deliberately placed bids on his own NFTs. Anticipating the automated response, Chang successfully inflated the prices of his own NFTs, essentially tricking the bot.
This trade resulted in inflated profits which were then transferred to his labeled wallet are supported by on-chain data from Etherscan. One user from the social network platform X, formerly known as Twitter, described the situation as an “epic case of player versus player” in the current volatile NFT market.
While admiration for Chang’s calculated approach is evident, there are voices of caution within the community. One user warned that Chang’s triumphant announcement of the successful trade could potentially be seen as a solicitation to illegal activities such as ‘Bid Spoofing’ or ‘Shill Bidding.’ Such activities, termed as Fraud or Wire Fraud, are deemed illicit in the marketplace.
Effectively, this incident reflects the turmoil and intrigue that currently resides within the NFT market. Placing the captivating possibilities of high profits aside, it reemphasizes the need for an in-depth understanding, caution, and diligent navigation within this new and rapid-paced digital trading realm.
Source: Cryptonews
