Bored Ape and Mutant NFT Ape Sold for Less Than $150 Combined 16

Bored Ape and Mutant NFT Ape Sold for Less Than $150 Combined

Strange things often happen in the crypto scene

Strange things often happen in the crypto scene, and the latest of them was the sale of Bored Ape NFTNon-fungible token, a type of cryptographic token, each instance of which is unique (specific) and cannot be exchanged or replaced by another similar token, although tokens are usually fungible in natureat a price well below its minimum cost. A Bored Ape #835 holder recently sold it for 115 DAI, which is $115 since DAI is a dollar-pegged stablecoin.

The sale led to social media speculation about what could have motivated someone to sell the apartment for such a low price. Some believe that the seller mistakenly accepted the offer, thinking DAI to be ETH. But the probability of this is very small, given that the sale was carried out on OpenSea, which also displays the value of the cryptocurrency in US dollars.

Another possibility is that it was an exploit. Those who think so are pointing to other suspicious activity from the same seller. The seller, cchan.eth, also sold a mutant monkey NFT for 25 DAI at the same time.

At the time of the sale, the lowest price for NFT Bored Ape was 106.8 ETH, which is over $350k, while the lowest price for Mutant Ape was 22.8 ETH, which is about $76k. Given the large spread in the actual value and price of the NFT pair, there is a strong possibility that this was due to an exploit.

Ridiculous Sale Explanation

Such exploits are not uncommon on OpenSea. Many sellers on the marketplace recently lost a significant amount after someone spotted an exploit that allowed them to buy NFTs at previously listed prices below the current one.

Another exploit on the platform resulted in NFTs in users’ wallets being sold without their permission. The platform accused it of a phishing attack. However, the company has fixed both issues, which means that if a recent event is related to an exploit, then it is a new exploit.

Another school of thought is that this was an attempt at tax evasion, not a mistake or exploitation. Twitter user artchick.eth stated that “this looks more like a tax evasion attempt.”

If so, then the person who sold the NFT below the purchase price could use it to offset another capital gain. It would be tax evasion if the seller of the Ape NFTs also controlled the wallet that bought them, as that means they only lost transaction fees.