In a surprising turn of events, a well-known trader on the Blur NFT marketplace, Hanwe Chang, has managed to deceive a competitor’s bot into buying Azuki NFTs at inflated prices, resulting in a hefty profit of $1.5 million (800 ETH). This incident has raised concerns among the cryptocurrency and NFT community, as it blurs the lines between technology and legal practices.
Chang, who has established himself as an NFT mogul on the platform, primarily focuses on bidding on NFTs with specific traits that impact their value, such as eye color and clothing. This strategy has allowed him to rank at the top of the marketplace’s leaderboard. Additionally, Chang discovered that by compiling 12 NFTs into a single digital wallet under the name “hanwe.eth,” he could make a profit once the trades were completed.
In this case, Chang sold 12 Azuki NFTs featuring rare ‘Off White A’ background colors, each acquired for $91,500 (50 ETH) simultaneously. However, a similar Azuki NFT with the same background color had previously sold for only $9,000 (5 ETH), indicating a significant price increase in Chang’s sale. By tricking bots into mirroring his trait bids, Chang managed to deceive an unsuspecting trader into purchasing these Azuki NFTs at excessively high prices.
While Chang’s cunning strategy may have resulted in a substantial profit for him, it has not been well-received by everyone. The supposed owner of the bot, “elizab.eth,” took to Twitter to claim that their “funds were stolen from [their] bot.” They even proposed a potential settlement where Chang could keep 10% of the funds if the remaining 90% was returned.
However, some NFT enthusiasts and even a lawyer have weighed in on the situation, highlighting that Chang’s behavior, although perceived as unfair, may still be within the realm of legitimacy. They argue that an offer was made and accepted in accordance with the platform’s rules, even if it involved deceptive practices.
On the other hand, critics have denounced Chang’s methods, warning against fraudulent practices and referring to his actions as “illegal market activity.” This incident has ignited discussions about the need for clearer regulations and ethical guidelines in the world of NFT trading to ensure transparency and fairness.
The case of Hanwe Chang’s deceptive bidding tactics serves as a reminder that the NFT market is still evolving and requires careful consideration of the legality and ethics involved. As the community continues to grapple with these challenges, it is essential to foster an environment of transparency and accountability in the digital asset space.
Disclaimer: The opinions expressed in this article are based on personal research and experience and are intended for educational purposes only. Readers should conduct their own research before making any investment decisions.