Trader Pulls Off a Masterstroke by Purchasing $1.5 Million NFT for Only $23,000
A rare CryptoPunk non-fungible token (NFT), valued at millions of dollars, was acquired for a mere fraction of its worth through a clever exploitation of smart contract mechanisms, in an incident that was described as a brilliant “heist.”
NFTs from the CryptoPunk collection are some of the most expensive on the market and can cost several million dollars. As a result, some are fractionalized to split their ownership among various entities.
The CryptoPunk in question, a coveted Ape-themed NFT with a headband and small shades, had been fractionalized into 10,000 parts on the now-defunct platform Niftex. Despite the platform’s closure, the underlying smart contracts remained active on the blockchain.
These contracts, as Cointelegraph reported, included a “shotgun” mechanism, which allowed any shareholder to propose a buyout at a specified price. If no one countered the bid within a set timeframe, the NFT would be transferred to the proposer.
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