Cryptocurrency

"Nifty News: Trader nabs 800 ETH by baiting a bot, NFT thefts slow and more"

2023-08-05 [vendor] NFT copytrader tricked [chain] ethereum
Primary Source ↗
Blockchain(s) Ethereum

Incident Details

After noticing someone set up a bot to copy his bids, NFT trader Hanwe Chang tricked the bot into purchasing multiple NFTs at hugely inflated prices. Chang purchased a large number of Azuki NFTs using an anonymous wallet, then placed an inflated 50 ETH ($90,700) bid on one. The bot then came along and offered the same amount on the other NFTs, and Chang accepted the overpriced bids. Altogether, Chang made 800 ETH ($1.45 million) from the scheme, draining the bot of its available funds. Azukis have been trading with a floor price of around 5 ETH (~$9,000).The apparent operator of the bot tweeted at Chang, accusing him of theft: “We would like to discuss a bounty with you. We are offering a 10% bounty of any funds stolen from our bot, which are yours to keep if you return the remaining 90%.” In other tweets they suggested they might try to take legal action against Chang for the “theft”.

Technical Details

Vendor / Product
NFT copytrader tricked

Timeline

  1. 2023-08-05 Breach occurred
  2. 2023-08-05 Publicly disclosed