CryptoPunk NFT sold for over $500 million in suspicious sale

In what would rank as one of the vital costly gross sales within the historical past of NFTs, a CryptoPunk NFT has simply been offered for over $500 million, although analysts have begun to boost questions concerning the legitimacy of the sale.

CryptoPunk 9998 offered for over $500 million

In keeping with the CryptoPunk sales feed, the stated NFT CryptoPunk #9998 was offered for $532 million, which implies it’s the most costly sale within the historical past of Cryptopunks.

Whereas that is presupposed to be celebrated, the crypto neighborhood has met the bizarre transaction with doubt, speculating that there could possibly be a type of manipulation within the sale. 

Members of the neighborhood have identified that the brand new purchaser and the earlier holder could possibly be the identical particular person as a result of the CryptoPunk NFT was offered again to the unique handle that was holding it beforehand.

One other faculty of thought believes that the acquisition might have been made via a flash mortgage. If this was the case, it means the sale of the NFT may need been reversed.

A similar case had occurred earlier within the 12 months when this methodology was used to buy an NFT which left the holder with an intangible quantity of the gross sales worth.

Crypto neighborhood reacts

With the intention of the customer and holder unclear, some have speculated that this might simply be somebody having enjoyable.

You’ll be able to borrow so long as you assure to pay it again inside the identical transaction. This particular person borrowed 500M DAI and a ton of ETH after which paid it again whereas concurrently buying the crypto punk.

— Buzz (@buzz_strong) October 29, 2021

Buzz, in attempting to rationalize the sale, acknowledged that it was a flash mortgage. In keeping with him, “This particular person borrowed 500M DAI and a ton of ETH after which paid it again whereas concurrently buying the crypto punk.”

The view of Buzz was additionally shared by @nanexcool who defined the sale as a flash mortgage.

That is so good 🙂

– Flash mortgage as a lot as you possibly can
– Listing your punk for an insane quantity of $ETH
– Purchase it
– Different account provides you the ETH again
– Repayhttps://t.co/nlo24twyEx https://t.co/7CLhYAHKb8

— mariano.eth ✨ᕙ༼💦༽ᕗ✨ | 🦇🔊 (@nanexcool) October 28, 2021

Nonetheless, widespread Twitter consumer David Lark doesn’t share the view. In keeping with him, it’s a case of cash laundering as he  tweeted “Now that’s cash laundering.”

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