The incident recently caused a stir in the NFT market when a trader named Hanwe Chang made a huge profit of 800 Ethereum, or about $1.5 million, through a sophisticated fraudulent tactic. on the Blur market. This story caught the attention of the Crypto Twitter community and raised many questions about the legitimacy of this act.
- source: https://twitter.com/HanweChang
According to Hanwe Chang’s shares on Twitter, he discovered a bot copying his bid orders on the NFT Blur market. In response, Hanwe Chang came up with clever ideas to deal with the situation.
He had bid on his own Azuki NFTs at an inflated price, causing some unsuspecting competitor to follow and he then sold them for more than they actually were.
This tactic worked for Hanwe Chang, when he made 800 Ethereum. This practice has made him a focal point in the Crypto community and has also raised many questions about the legitimacy of scams and fake auctions.
The NFT Blur market, although relatively new compared to other major players such as OpenSea and SuperRare, has attracted interest with a strong increase in trading volume.
This mainly stems from the implementation of the tracking size and rewards users based on trading activities. The NFTs on this market have unique characteristics, like eye color or outfit, that create rarity and affect their value.
Although Hanwe Chang has achieved success in scamming and profiting through this tactic, not everyone agrees.
Some experts and communities have objected to the use of such fraudulent tactics, especially when it can have legal consequences. Some have even suggested that setting a purchase price without actually wanting to buy might break the law.
In aggregate, the fact that Hanwe Chang was scammed to gain $1.5 million through Blur has generated heated debate about the legality and ethics of using fraudulent tactics in the world and the complexity of the NFT market.
This is a testament to the fast and complex growth of the NFT space and the way in which participants interact with it.
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