Connect with us

NFT News Today

Rock NFT Worth $1.2m Sold For A Tenth Of A Penny See Why 

Avatar photo

Published

on

Rock NFT

Rock NFT valued at 444 ether (ETH), or $1.2 million, sold for 444 Wei ($0.0012) to a bot as the seller, DinoDealer confused WEI and ETH. 

It’s a hard rock life for one crypto user. A clumsy keystroke and the actions of a sniper bot caused a million-dollar mistake on March 10.

iexclusivenews reports that the seller stated in a tweet, “in one click, my entire net worth of $1 million dollars has vanished.”

The term “bot sniped” refers to bot snipers, which first appeared on the auction site eBay.

Buyers who want to time their bids to the last second would use the tools, which are now common on NFT listings.

Bot sniping tools for the NFT platform OpenSea are now available for as little as $200 on the popular freelance website Upwork.

iexclusive News Nigeria reports that there is no turning back once the bot snaps up the NFT or digital receipt.

Because blockchains are designed to be immutable, simple errors, such as mixing up ETH and WEI, can be extremely costly.

In the crypto world, human error abounds.

What You Need To Know

A Bitcoin (BTC) user recently lost $10,000 (0.25 BTC) due to an error that could have been avoided had they double-checked the receiver wallet address.

DinoDealer, the seller, appears to have accepted the loss, publicly sharing the address of the rock’s bot snipe.

They made light of the situation by changing their Twitter profile picture and adding a crying emoji after their handle.

Their avatar is crossed out in red and stands next to the precious rock.

DinoDealer’s new Twitter picture with sad rocks and cancelled rocks in the background. Source: Twitter

DinoDealer’s futile attempt to contact “crypto customer service” prompted more jokes.

When they attempted to contact members of the crypto community, they received responses from suspicious users claiming to help and offering email addresses and WhatsApp numbers.

Warning! Do not reach out to these numbers or email addresses.

Screenshots of the conversations DinoDealer had with “crypto customer service.” Source: Twitter

The last month has been a whirlwind of seemingly minor errors with potentially disastrous consequences.

In some cases, a simple mistake can wipe out millions of dollars in market value, which is becoming more common.

A Coinbase white hacker discovered a bug in the Coinbase Pro code that could have wiped out the market.

While frantic bot trading behaviors drained 58 ETH from the WTF token launch. “Poor liquidity pool management” exposed the launch.

Rock bottom consolation for one million dollars. Source: Etherscan

Other crypto rock enthusiasts have come to DinoDealer’s aid in better times, with one user sending the geologist salesman a picture of the rock with glasses and headphones, signed “mfer rocks.”