In what looks to be either a costly error or a hack, a Bored Ape Yacht Club (BAYC) NFT was recently sold for 115 DAI ($115).
According to OpenSea data, the former owner “cchan” accepted a 115 DAI bid for BAYC #835 on Monday. That’s 99.9% less than the popular NFT collection’s current floor price – the lowest price at which it may be purchased.
The same owner also sold Mutant Ape #11670 to the same buyer for 25 DAI ($25). Mutant apes have a floor price of 22.6 ETH ($76,000).
While it is unclear why the owner would accept such low bids, the problem appears to be the result of cchan mistaking DAI for ETH. Other collectors submitted three high-value bids for the Bored Ape, ranging from 75 to 106 ETH, but they were not accepted.
As of this writing, the floor price for BAYC is 106 ETH ($350,000). However, the NFT in question is wearing sunglasses and smoking a cigarette, two characteristics that indicate it would generally sell for more than the current floor price. (It’s difficult to say exactly how much a single NFT should be worth, which is a larger issue that has perplexed NFT traders when it comes to using them for loans.)
Apart from being sold well below the floor price, the sale marks a significant loss for cchan, as the BAYC NFT was originally purchased for 16 ETH in August of last year.
The new buyer has claimed the Ape tokens from the ApeCoin airdrop since the purchase. They were given 12,136 Ape tokens valued at $180,000.
The peculiar aspect of this case is that the previous owner had to authorise their wallet in order to connect with DAI. That implies they’ll have received a transaction asking them to approve the use of the stablecoin, indicating that the payment wasn’t paid with ETH. They then sold both the Bored Ape and the Mutant Ape in less than a minute, implying that they had decided to accept both offers at the same time.
While this may appear to be a purposeful move (for some unknown reason), a look inside the buyer’s wallet reveals otherwise. The buyer has been posting DAI offers on various Bored Ape NFTs, probably in the hopes of duping someone into thinking the offer is in ETH and accepting the purchase. This indicates that the seller fell into a set-up.
It’s also conceivable that the seller’s account has been hacked. One member of the Bored Ape Yacht Club tweeted that he had contacted cchan and was unaware of the sales, implying that he had been hacked.
