A Seller Sold A Bored Ape Ethereum NFT For Only $115

A seller sold a Bored ape Ethereum NFT for only $115 so it’s not clear whether he accepted only 115 DAI instead of ETH or this is an exploit so let’s try to find out more in our latest Ethereum latest news today.

Some believe that the seller thought the offer was in ETH rather than DAI or it this is a part of a tax evasion scheme. We are getting used to seeing NFTs sell for huge sums but sometimes it is the bargain sales for the high-demand NFTs that catch out attention and this bored Ape Yacht Club example was the real standout. Today, a seller sold a bored ape for just 115 DAI and because the DAI is a dollar-pegged stablecoin, it was sold for $115. the Ethereum NFT project is one of the most popular and most valuable collections on the market with the cheapest available Bored Ape listed being $106 ETH or about $358,000.

Oh no what happened here.

Someone accepted $115 DAI on their Ape thinking it’s 115 ETH? ($380k USD).

Ouch. pic.twitter.com/kahHU5NNdL

— Matty (@DCLBlogger) March 28, 2022

Some theorized on social media that the seller thought the offer was for 115 ETH rather than 115 DAI but the NFt was sold on OpenSea which lists the USD amount for every crypto alongside so it was quite hard to miss. What makes the transaction suspicious is that the seller sold a Mutant Ape Yacht Club at the same time and this is dramatically lower than the floor price or the cheapest ones available which is set at 22.8 ETH or over $76,000.

While it is quite possible that someone made a mistake and sold NFTs for $461,000 less than the market value, it can be the result of an exploit. OpenSea dealt with an exploit about the inactive marketplace listings which hadn’t been automatically expired and were sent out for millions of dollars as compensation for victims. In another situation, OpenSea blamed the external phishing attack which saw the users see NFTs in their wallets being sold without permission.

Some also speculated that the Bored ape and Mutant Ape NFTs are a part of a tax loss harvesting scheme or a tax evasion attempt. The tax loss harvesting is when someone sells an NFT for a low price to help offset the capital gains so if the person who sold the Ape NFT controls the unlabeled buyer’s wallet, they can spend only a transaction fee froth and obscure a tax liability.