Nifty News: Trader nabs 800 ETH by baiting a bot, NFT thefts slow and more
In a recent Nifty News update, an NFT trader managed to secure approximately 800 Ether (ETH), equivalent to around $1.5 million, by outsmarting a rival trader's bot on the NFT marketplace Blur. YouTuber and NFT trader Hanwe Chang noticed a bot was copying his bids on the platform and decided to deceive it. He placed inflated bids on NFTs held in his anonymous wallet, which were then copied by the bot. Chang then accepted the bids from his anonymous wallet and sold the NFTs at a significant markup.
The bot's owner, operating under the name elizab.eth, claimed the funds were stolen and offered a 10% bounty for their return. Legal experts suggest that elizab.eth might have potential legal claims to recover the funds, though it would likely require hiring a skilled litigation attorney.
On the broader NFT market front, trading volumes for NFTs have decreased nearly 42% in July compared to the previous month, reflecting the ongoing bear market conditions. Additionally, NFT-related thefts have slowed down in 2023, with around $1.7 million worth of NFTs stolen in July, marking a 31% decrease from June. The report also highlighted the decline in average royalty rates paid to NFT creators, which dropped from 2.5% in 2022 to 0.6% in July 2023, representing a 98% decrease.
#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR