A crypto whale and well-known NFT collector going by the alias Franklin has just suffered a loss of around $150,000 due to a joke that went awry online. Franklin is the proud owner of a sizeable amount of Ethereum, the world’s second-largest cryptocurrency behind Bitcoin, as well as 58 non-fungible tokens (NFTs) from the Bored Ape Yacht Club, which is widely regarded as one of the most successful NFT ventures ever created.
The bid to buy an NFT address that was created on the Ethereum Name Service (ENS) system was the initial step toward the catastrophic failure of the cryptocurrency. You might have noticed that an increasing number of users are using Instagram and Twitter names that finish in. eth or. not. This is because cryptocurrency is becoming increasingly popular. This is most likely because the user has purchased the NFT domain that corresponds to the name that they are using.
Oh no, I lost 100 ETH. I was celebrating my joke of a domain sale, sharing the spoils, but in a dream of greed, forgot to cancel my own bid of 100 ETH to buy it back. This will be the joke and bag fumble of the century. I deserve all of the jokes and criticism.
— Franklin has 60 apes (@franklinisbored) July 20, 2022
In addition, they are eager to brag about it. The ENS domain stop-doing-fake-bids-it’s-honestly-lame-my-guy-eth was selected as the “winner” after Franklin requested his followers to nominate a domain for him to place a bid on for 100 ETH. After that, he consented to the sale of the domain for approximately 2 ETH, which is equivalent to approximately $3,000 at the time.
The issue was that on the other end of the transaction, he had failed to remember to cancel the bid to acquire the domain for 100 ETH, which is equivalent to $150,000.After that, it was too late to do anything. Ouch. They believe that Franklin was courteous in defeat and just admitted his error. Franklin simply owned up to his mistake.
He even tweeted about it, which brought the whole thing to everyone’s attention. This is the most recent example of a long line of mistakes and gaffes that routinely result in significant financial losses for users of cryptocurrencies and investors. It takes place once a week on average. This is due in part to the fact that the cryptocurrency field is currently (for the most part) unregulated and also to the fact that transactions cannot be reversed.