NFT trader manipulates the bot and secures a hefty profit.
Non-fungible token (NFT) trader and YouTuber Hanwe Chang recently disclosed that he earned 800 Ether (ETH) by manipulating another trader's bot into purchasing his overpriced NFTs.
In a post shared on X (formerly Twitter) on August 5th, Chang explained that he observed a bot mimicking his NFT bids on the marketplace Blur. This prompted him to create a strategy to trick the bot.
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Speculations from an NFT-focused account named A Raving Ape suggest that Chang purchased several Azuki NFTs with identical backgrounds using an unidentified, anonymous wallet.
Once Chang noticed the bot's pattern of copying his transactions, he utilized this information to his advantage. Using his recognized "hanwe.eth" wallet, Chang placed an exaggerated bid on the NFTs stored in his anonymous wallet. The bot subsequently mirrored the proposal. Chang then approved the offer from the anonymous wallet, successfully selling his NFTs at a considerable profit.
Following this event, a person claiming to be the bot owner (elizab.eth) responded to Chang's post, asserting that the money had been taken illegally. The NFT trader then offered a 10% bounty for the return of the funds.
Chang's tactics have sparked a debate among crypto community members about the legality of such moves. One lawyer took to X to claim that "elizab.eth" might have valid legal grounds to retrieve their ETH if they hire a skillful litigation attorney. Others think that "elizab.eth" is in wrong, as they were "attempting to manipulate the market by copying/arguably spoofing <Chang's> buys."
This incident underscores the potential volatility and complexity of the NFT trading landscape, wherein an opportunistic move can lead to a hefty profit of $1.5 million.
