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NFT trader destroys CryptoPunk worth $130,000

The careless trader's mistake cost him about $130,000: he destroyed his CryptoPunk NFT instead of lending it out.

By Mike Hesp
• 1 min read
NFT trader destroys CryptoPunk worth $130,000

The mistake of the careless trader cost him about $130,000: He destroyed his CryptoPunk NFT instead of lending it out.

As NFT trader Brandon Riley explained on Twitter, he accidentally destroyed his CryptoPunk 685. He had previously bought it for 77 ETH, roughly the equivalent of about $130,000.

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Using online instructions, Riley tried to convert the NFT into another format to lend it on a suitable lending platform.

But he ended up entering a wrong wallet address, sending his NFT to a burn address.

A burn address is used to destroy crypto assets. They can’t be removed in the usual way but must be moved to wallets no one controls. Because of their practical inaccessibility, they stay there forever, just like Riley's CryptoPunk now.

In desperation, the distraught trader turned to the makers of CryptoPunks, Yuga Labs. He asked them to sell him a new NFT at a favorable price to offset his loss. So far, though, no luck.

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