Trader Hanwe Chang fooled a bot who didn’t know he owns an Azuki non-fungible token (NFT) to make money 800 Ethereum (ETH).
The NFT trader allegedly overbid on several similar Azuki NFTs he held in an anonymous wallet.
NFT trader can face legal battle to recover 800 ETH
The bot, owned by elizab.eth, copied the offer, which Chang accepted from his secret wallet. The transaction netted Chang 800 ETH, worth approximately $1.5 million at current prices. Elizab.eth has offered to discuss a 10% premium if Chang returns the asset.
Lawyer Gabriel Shapiro argued that elizab.eth could legally recover the assets with the help of a competent attorney. He believed that the matter is probably more nuanced than it appears on crypto Twitter.
Security firm PeckShield said NFT thefts fell 31% month over month to $1.7 million in July.
The drop in thefts might be a good time to brush up on the latest scams. Read more here.
Assets lost to NFT thefts fell 42% compared to June| Source: PeckShield
Essentially, an NFT is a digital title deed “struck” on a blockchain to establish ownership of digital or physical assets. Sales volumes fell 38% between July 3 and July 31 as issuers consider long-term strategies.
NFT sales volume fell nearly 40% in July | Source: CryptoSlam
Owners of Bored Apes Yacht Club NFTs can request new logos with a unique license number that allows them to register businesses on-chain. Yuga Labs CEO Daniel Alegre recently confirmed the upcoming ApeFest in Tokyo, Japan, and the company’s commitment to building its virtual world Otherside.
On-Chain Transfers will reshape NFT ownership models
Most global regulators have not tabled clear rules for NFTs beyond their taxability.
Europe’s Markets in Crypto-Assets Act, considered one of the most advanced regimes in crypto regulation, has yet to formulate new laws on NFTs. The UK Law Commission recently suggested that the law treats crypto assets as personal property.
In most cases, an issuer encrypts an NFT according to a specific token standard, with a link that gives owners access to an asset on a server. Like cryptocurrencies, NFTs can be stored as tokens in a blockchain user’s crypto wallet.
In an interview with BeInCrypto, Horizon Blockchain Games’ Michael Sanders said that blockchains could soon complete the transfer of ownership of digital assets between Web3 gamers.
The CyberKongz team last month announced an NFT collection that would occupy the Axie Infinity world. The assets would be transferable through the Mavis Marketplace.