NFT Trader Accidentally Loses $150,000 After Trolling On Twitter - How?

Although scams and frauds are common in the cryptocurrency world, people occasionally cause themselves the most losses. A joke that went bad cost one NFT trader on Wednesday a staggering loss of 100 ether, or $150,000.

Franklin, a trader, using a pseudonym and known for owning more than 50 NFTs from the Bored Ape Yacht Club, lost his assets and stated that he deserved "all of the joke and criticism."

A Fake Bid Turned Real

To explain how he lost all of his ether, CNET said that Ethereum wallets come with a 40-character limit by default (0x, followed by 38 unrelated letters and numbers). However, ENS lets customers purchase a name for their wallet.

Crypto traders purchase ENS domains (e.g. techtimes.eth) in addition to wallet names for their aliases in the hopes that, just like website domains, these wallet addresses would one day be valuable.

On Twitter, there are a number of "ENS bot" accounts that highlight notable ENS domain transactions, including the recent $90,000 acquisition of samsung.eth, according to CNET.

Franklin attempted to entertain himself on Monday by using Twitter bots to report an absurd ENS offer. He intended to coin a goofy ENS name with the help of his supporters, then offer 100 ether ($150,000) on the ENS NFT on OpenSea using a different wallet.

With that offer, he planned to activate the ENS bot. Franklin eventually created the name "stop-doing-fake-bids-its-honestly-lame-my-guy.eth." The scheme was successful because a few ENS sales bots tweeted the false bid.

"Bag Fumble of The Century"

After that, though, someone offered Franklin 1.891 ether ($2,890) for the ENS address. Franklin said that accepting the offer was the most unexpected 1.891 ETH he had ever received. However, he failed to remove his 100 ether bid from his second wallet, so the offer was still in effect.

The purchaser benefited greatly by paying Franklin $2,890 for the ENS address and then reselling it to Franklin's second wallet for $150,000.

"Oh no, I lost 100 ETH. I was celebrating my joke of a domain sale, sharing the spoils, but in a dream of greed, forgot to cancel my own bid of 100 ETH to buy it back. This will be the joke and bag fumble of the century. I deserve all of the jokes and criticism," Franklin wrote on Twitter.

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Written by Joaquin Victor Tacla