The mystery of an asset sale that’s been referred to as “the world’s largest crypto heist” is finally being solved. The vast majority of the $500 million worth was transferred out from wallets controlled by a single entity, and there doesn’t seem to be any sign it ever backed up any money in escrow or proof that its owners have promised anything they can deliver on.
A new company, REcoin has recently come to the scene and they are taking over crypto. They have taken a coin that was worth $0 in an ICO for 199 million dollars without any re-branding or development. The team behind this project is now being investigated by law enforcement agencies because of their suspicious sale which raised many questions about the legitimacy of the coins.A $500 million NFT was sold last month with no explanation, and is now worth about $200 million. What causes these suspicious sales?
The “cryptopunk highest sale” is the $500 million dollar sale of CryptoPunk, which has been called a scam.
A CryptoPunk NFT was recently sold for over $500 million, making it one of the most expensive transactions in the history of NFTs, while commentators have started to doubt the sale’s veracity.
Over $500 million was paid for CryptoPunk 9998.
According to the CryptoPunk sales stream, the aforementioned NFT CryptoPunk #9998 was sold for $532 million, making it the most expensive Cryptopunk sale ever.
While this is intended to be a cause for celebration, the crypto community has expressed reservations about the strange transaction, saying that it may have been manipulated.
Because the CryptoPunk NFT was sold back to the same address that was holding it earlier, community members have speculated that the current buyer and former holder may be the same person.
Another school of thought contends that the purchase was done using a short-term loan. If this is the case, the sale of the NFT may have been rescinded.
Earlier this year, a similar situation occurred when this approach was used to acquire an NFT, leaving the holder with an intangible portion of the transaction price.
The cryptocurrency community responds.
With the buyer’s and holder’s intentions unknown, some have theorized that this may just be someone having a good time.
You may borrow as much as you like as long as you promise to pay it back in the same transaction. This guy took out a loan for 500 million DAI and a lot of ETH, paid it back, and then bought the crypto punk.
— Buzz (@buzz strong) on the 29th of October, 2021
In an attempt to justify the transaction, Buzz claimed that it was a “flash loan.” “This individual borrowed 500 million DAI and a ton of ETH and then paid it back while concurrently buying the crypto punk,” he claims.
Buzz’s point of view was echoed by @nanexcool, who described the transaction as a “flash loan.”
This is fantastic.
– Borrow as much as you can in a hurry – List your punk for a ridiculous sum of $ETH – Buy it – Other account refunds your ETH – Repay https://t.co/nlo24twyEx https://t.co/7CLhYAHKb8
— mariano.eth (@nanexcool) — mariano.eth (@nanexcool) — mariano.eth (@nanexcool) — mar 28th of October, 2021
Popular Twitter user David Lark, on the other hand, does not agree. As he tweeted, “Now that is money laundering,” he believes it is a case of money laundering.
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The “cryptopunk 7523” is a recent sale of CryptoPunk NFT. The sale was conducted over the course of a few hours and the price has been raised to $500 million in suspicious sale.
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