• An NFT trader wanted to rent out his NFT on another platform
• Converting the Cryptopunk into another format for this went wrong
• The trader gets a lot of support from the community on Twitter
Brandon Riley recently spent 77 ETH to buy the Cryptopunk 685 – only a short time later the equivalent of around 130,000 US dollars had disappeared into thin air. Riley blames himself, but asks YugaLabs for help.
Advertising
Trade Bitcoin and other cryptos via CFD (also with leverage)
At Plus500 you can benefit from rising and falling crypto prices – also with leverage. Test the free demo account now!
Plus500: Please note the Hints5 to this advertisement.
The trader wanted to convert the NFT to another format and rent it out
Riley made his story public via Twitter at the end of March. After buying the NFT, he tried to convert the Cryptopunk into a different format in order to rent it out on another platform:
Today I accidentally burned a @cryptopunksnfts trying to wrap punk 685.
I was so focused on following the instructions exactly, that I slipped up, destroying a third of my net worth in a single transaction. @yugalabs please sell me the @v1punks 685 as a consolation. 🙏🏼 pic.twitter.com/jHoTGvlc7j
– Brandon Riley (@vitalitygrowth) March 25, 2023
He accidentally transferred the Cryptopunk 685 to a wrong wallet address.
I followed step 4 to ‘write contract’ and ‘register proxy’ then Step 5 to copy proxy address…
I should have known something was wrong and realized that this was a mistake, but I didn’t. It wasn’t until I went to mint my wrapped punk, that the astronomical gas gave it away.
– Brandon Riley (@vitalitygrowth) March 25, 2023
Riley accidentally transferred his NFT to a Burn address
According to information from BTC-Echo, the wallet in question was a burn address, i.e. a wallet that nobody has access to. Such burn wallets serve to render NFTs harmless – once an NFT is on a burn wallet, no one can retrieve it (at least according to the current state of the art).
One of the many Twitter users who encouraged Riley with a comment under his post cheered him up by arguing that at least the Cryptopunk 685 would never belong to another trader. That seemed to cheer up the unlucky fellow.
🤝 I like this attitude. And I might just do that! New pfp coming soon…🫡
– Brandon Riley (@vitalitygrowth) March 26, 2023
YugaLabs has not yet responded to Riley’s attempts to contact her
However, he also wrote:
This is truly a devastating mistake for me.💔 But I did this myself, and it is no one’s fault but my own. Both the beauty and the curse of self-custody.
Stay safe out there everyone, and please be way more careful than I was. Thank you for so many of you for the kind words. 🙏🏼
– Brandon Riley (@vitalitygrowth) March 25, 2023
He is not a developer and is not very familiar with the technology. Nevertheless, only he himself is responsible for the loss of the Cryptopunk 685. “Please be a lot more careful than I was,” said Riley, for whom 77 ETH is a lot of money. Hoping YugaLabs would step in and re-engage with members of his community, he apparently asked the Cryptopunk developers to sell him a replacement NFT at a bargain price. As of the end of March, it is not known that YugaLabs has responded to Riley’s attempts to contact him.
Editorial office finanzen.net
Image sources: mundissima / Shutterstock.com, Sergei Elagin / Shutterstock.com