A wallet paid 1,055 Wrapped Ethereum (WETH) for a CrypToadz non-fungible token (NFT) that was worth 0.950 Ethereum (ETH) two weeks ago. Is it just a mistake or a fraud?
While some claim that the NFTs are dead, one person made a 1,000x return on their CrypToadz #4030 NFT. According to the collection’s OpenSea page:
“CrypToadz are a collection 6969 small amphibious creatures trying to escape the tyrannical rule of the Evil King.”
Possible Reasons Behind CrypToadz NFT Sale
OpenSea data shows that a wallet, 0xe1a0, purchased the CrypToadz #4030 NFT for 1,055 WETH (around $1.4 million) on Oct. 9. The deal came to the community’s attention because the average price of that particular NFT remained around 0.95 ETH. But 0xe1a0 paid over 1,000 times more than the average price.
The wallet also paid around $41,500 in fees to the NFT marketplace OpenSea.
Read more: Top 9 OpenSea Alternatives in 2023
Some community members are speculating that there is a good chance that the deal was a wash trade. Previously, BeInCrypto explained:
“Wash trading is a form of market manipulation where an entity buys and sells the same asset simultaneously. This deceptive practice creates a mirage of market activity while the beneficial ownership of the asset remains unaltered.”
On tracking the funds’ on-chain flow, it can be seen that 0xe1ao received 1,115.90 ETH from another wallet – 0x8Da4. However, 0x8Da4 received the funds from the crypto mixer Tornado Cash in batches of around 99.5 ETH.
Due to this on-chain behavior, some community members suspect money laundering activities. An X (Twitter) user wrote:
“A rugger purchasing his another wallet NFT pretending it’s a fat finger”
Read more: Top 7 Tornado Cash Alternatives in 2023
However, some speculate it was a fat finger error (typing mistake). Indeed, the wallet address made multiple offers of 1.055 ETH for other NFTs from the CrypToadz collection. Hence, there is a possibility that for CrypToadz #4030, the person typed a comma instead of a period and spent 1,000 times more than intended.
What are your thoughts?
Meanwhile, the NFT market is going through a challenging phase. DappRadar data shows that trading volume has dropped to its lowest point since the first quarter of last year.
Amid the slump in the NFT trading volume, the top NFT developer, Yuga Labs, announced on Oct. 6 that it was cutting its workforce.
Read more: 10 Best NFT Marketing Agencies To Promote Your Digital Art
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