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Mar 25, 2023
A CryptoPunk investor burns $135k trying to borrow money from NFT
In an unusual NFT wrapping procedure, Riley accidentally sent assets to a burned address resulting in the permanent removal of the NFT from circulation. A Nonfungible Token (NFT) from the CryptoPunks collection worth 77 Ether has been sent to a burn address to be permanently destroyed. The purpose of the collector is to borrow some funds to buy another NFT.
Riley says he bought CryptoPunk after being scammed by an NFT collector
Riley as a seasoned investor knew the significance to get hold of new NFT before the cryptocurrency penetrated into the new bull market. Due to this Riley decided to get some money in CryptoPunk.
While members of Crypto Twitter speculated that the NFT collector must have had “deep pockets, Riley denied the rumour by acknowledging that he had purchased CryptoPunk through borrowed money. Riley concluded that he shouldn't have attempted this by himself. Crypto Twitter has been criticised for its confusing user interface and complicated instructions for investor loss., so the community unanimously agreed on the need to improve the front-end processes of the crypto ecosystems.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.