A Costly Mistake

Market Meditations | March 29, 2022

The Bored Ape Yacht Club (BAYC) continues to make headlines today.

  • Bored Ape #835 which was purchased for 16 ETH ($50,000) on 9th August 2021 has sold for only 115 DAI ($115) in what can only be assumed to be a mistake or a hack.
  • At the time of writing this, the floor price for a Bored Ape Yacht Club (BAYC) is 107 ETH ($362,000) and a Mutant Ape Yacht Club (MAYC) is 22.45 ETH ($76,000).
  • According to Opensea, the previous owner ‘cchan’ also sold the M1 Mutated version of BAYC #835 to the same user for only 25 DAI ($25).
  • Although cchan has experienced a massive loss, according to Etherscan they were able to claim 12,136 APE tokens ($173,000) from the Apecoin airdrop before this mishap.
  • As both NFTs had received many high-value offers and had been sold for 99.9% lower than the current floor price, user cchan may have made a mistake confusing DAI for ETH.
  • The buyer, unnamed Opensea user ‘4ED9AA’ placed 13 offers in DAI close to what the floor price in ETH would be over the last two weeks suggesting this was likely a clever attempt to trick a seller.

Unfortunately, he was successful which should serve as a reminder to always participate in the crypto markets with extreme caution.