Anyone who has been involved with cryptocurrencies for a while will understand the pain of sending a token to the wrong address or network and losing it forever. But how many of us understand what it feels like to lose something precious and valuable? crypto punk As a result of a groping deal? It’s a pain point for some investors, Brandon Rileyis passing after permanently destroying his $129,000 NFT while trying to “wrap” it.
Riley bought I bought a piece of 77 ETH less than 2 weeks ago and planned to keep it for the next 10 years. But on March 19th, he decided to raise some liquidity. Cryptopunk #685 As collateral, he can therefore unlock further potential from his valuable assets.
In order to interact with the latest NFT platform, Riley first had to upgrade its older CryptoPunk to the ERC-721 standard in a process called “wrapping.” Effectively ‘wrapping’ old tokens in ERC-721 NFTs to make them compatible with his broader Web3 ecosystem.
Going it alone, Riley followed several instructions posted online and walked us through the process of wrapping a punk. Just entrust it to Boyd.
I accidentally got burned today @cryptopunksnfts I’m trying to wrap a punk 685.
I was so focused on following the instructions exactly that I messed up and lost a third of my net worth in one trade. @yugalabs Please sell @v1 punks 685 as comfort. 🙏🏼 pic.twitter.com/jHoTGvlc7j
— Brandon Riley (@vitalitygrowth) March 25, 2023
Investors regret going it alone
In a series of tweets, Riley said: “I was told to follow the instructions exactly, so I did.” Only if the NFT is sent to the write address. When he realized what had happened, he was distraught and said: “I don’t think I should have tried this myself.”
Crypto Twitter took pity on investors, with many blaming his losses on a confusing interface and complicated instructions. Many people agreed that most crypto-related user interfaces should be improved to avoid such incidents in the future.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent his 5+ years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.