Cryptotrader manipulates NFT bot to make 800 ETH profit
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Cryptocurrency trading can often lead to unexpected turns, showcasing the dynamic and sometimes questionable nature of the market.
In a recent incident that raised eyebrows within the crypto community, a skilled trader managed to earn a substantial profit by manipulating a bot that had been imitating his trading moves.
Discovery of the bot copying trades
The story began when a crypto and NFT trader Hanwe Chang noticed that a particular bot was replicating his bids on the NFT market known as Blur. It appeared that the bot was attempting to mimic his trading strategies, seeking to profit from the trader's market moves.
Recognizing this, the trader decided to take advantage of the situation in a way that would ultimately lead to a significant windfall.
It was a single tweet from Hanwe Chang that further amplified the gravity of the situation. In this tweet, Chang alluded to the deceptive actions that had taken place, further inciting discussion within the crypto community.
The tweet not only increased awareness of the incident but also fueled the debate surrounding the trader's actions and the bot's vulnerability to manipulation.
See his tweet about the situation below.
Noticed that someone's bot was copying my bids on Blur, so I decided to trick him...
Made 800 ETH profit thanksss pic.twitter.com/KlaXKUFUBK
— Hanwe (@HanweChang) August 5, 2023
Manipulating the bot for profit
In a strategic move that highlighted the trader's savvy, he initiated a plan to manipulate the bot's actions to his own benefit. Instead of making legitimate trades, the trader started selling NFTs that held little to no value at inflated prices.
This scheme allowed him to generate profits artificially, capitalizing on the bot's uncritical emulation of his actions. The result? An impressive accumulation of 800 ETH, a substantial gain that reflected his ability to exploit the situation to his advantage.
Read also: Microsoft Edge's Built-In Crypto Wallet: A Step Forward or a Questionable Use of Resources?
Developer seeking refund
As news of the incident spread, the developer behind the bot, who went by the name elizab.eth ENS, came forward with claims that the trader's manipulations had resulted in the theft of funds from the bot.
Seeking restitution, the developer targeted Hanwe Chang, the Youtuber who had uncovered the deception, and requested a refund for the profits but it didn't take a long time for elizab.eth ENS to tweet this:
I take full responsibility for my actions.
This one hurt like a motherfucker.
I should have known better.
Never let your guard down.
Good luck Web3 ??
— elizab.eth???????????????????????????????????????? (@ThinkingETH) August 5, 2023
The tale of the cryptocurrency trader who earned 800 ETH by manipulating a bot that copied his trades underscores the complexities and potential pitfalls of the digital asset market.
It sheds light on the susceptibility of automated systems to manipulation, the potential for significant gains through cunning strategies, and the ethical dilemmas that arise when exploiting such vulnerabilities.
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