The bot had been copying Chang’s bids, which he cleverly turned to his advantage. Chang’s Azuki NFT collection, known for its anime-inspired avatars, had a distinctive “Off White A” background. Chang posted a 50 Ethereum bid each on his Azuki NFTs, prompting the bot to buy all 12 for 600 Ethereum ($1.1 million). He further transferred 200 Ethereum to his main account. Chang also shared his tactics on Twitter, showcasing his impressive profit.
Is This Even Legal?
Amid the fervor, Dave III, an anonymous NFT influencer, weighed in with criticisms, dubbing Chang’s actions as “illegal market activity.” He also issued a warning against glorifying such manipulation, emphasizing the transgressions inherent in purposefully triggering bids that one has no intention of honoring.
Yet, the opinions were as diverse as they were vociferous. Counterarguments rallied around the notion that “elizab.eth” had simply been outsmarted, ultimately exonerating Chang from moral wrongdoing.
Furthermore, Gabriel Shapiro of Delphi Labs highlights the legal complexities and the possibility of recompense. The outcome remains uncertain, with Chang’s potential return of funds and “elizab.eth”‘s legal actions yet to unfold.
This episode sheds light on the high-stakes world of NFT trading on Blur and similar platforms. It also emphasizes strategic finesse, potential gains, and the ethical dilemmas intertwined with automated trading.
