NFT Collector Loses $1M EtherRock NFT to a Sniping Bot
Dino_Dealer loses his EtherRock NFT to a sniping bot.
One accidental click wiped out his entire net worth of ~ $1 million.
- The user accidentally listed the NFT for 444 Wei instead of 444 ETH.
- The sniping bot captured the transaction, bought the NFT, and relisted it for 234 ETH.
NFT collector dino_dealer mistakenly sold his EtherRock NFT far cheaper than its actual worth.
Dino listed the NFT for 444 Wei instead of 444 ETH. A Wei is equal to one quintillionth (~1/1000000000000000000) of an ETH.
Immediately after the NFT was sold, it was relisted for 234 ETH. Soon after this, Dino tweeted out his blunder:
“How’s your week? Mine? I just erroneously listed @etherrock #44 for 444 wei instead of 444 eth. Bot sniped it in the same block and tried to flip for 234 eth. In one click, my entire net worth of ~$1 million dollars, was gone. Is there any hope? Am I GMI? Can snipers show mercy?” the tweet said.
Almost all of the replies expressed disbelief and mockery. A Twitter user replied, “the silver lining is that your entire net worth is no longer in rock jpegs?”
A little glimpse into EtherRock
The Ethereum Rock project has been around for four years but inexplicably went viral last year and saw its market value skyrocket.
It consists of 100 free clipart images of the same cartoon rock transformed into NFTs using slightly different colors. In October, one buyer placed a bid for one EtherRock for 900 ETH (then $3.5 million).
Justin Sun, the founder of TRON, had purchased an EtherRock for $600k last year.
Beware of sniping bots
Dino_dealer is one of the victims of a sniping bot attack. In bot sniping, an automated program monitors time-based activity and submits information at the last minute, removing the possibility for others to respond.
NFT bot sniping is usually common in NFT marketplaces like OpenSea, where the bots are used to outbid competitors. Different platforms provide sniping bots, and the price range starts from $200 to $800.
A growing number of large investors, celebrities, and blue-chip companies have made crypto investments in recent years, betting on cryptocurrencies and NFTs' potential.
Sniping bots come to the rescue to stay ahead of the competition and acquire the rarest collectibles quicker. But accidental mistakes and unattended listings can make people lose millions of their lifetime earnings.
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