Crypto community drawn over suspicious $500 million CryptoPunk NFT sale

The sale of a CryptoPunk non-fungible token (NFT) for more than $500 million has raised eyebrows in the crypto world.

A CryptoPunk NFT was recently sold for more than half a billion dollars, making it one of the most expensive dealings in the history of NFTs, although analysts raised doubts about the sale’s legality.

The suspicious sale

The NFT, as mentioned earlier — CryptoPunk #9998 — was sold for $532 million. The CryptoPunk is the most expensive NFT sale ever.

The crypto community has expressed reservations about the strange transaction, suspecting the sale may have been manipulated somehow.

Members of the community have suggested that the new buyer and previous holder could be the same person, as the CryptoPunk NFT was resold to the original address that previously held it.

Another line of thinking holds that the transaction could have been financed through a flash loan. If this is the case, the NFT sale may have been canceled.

A similar situation occurred earlier this year when this strategy was utilized to purchase an NFT, leaving the holder with an intangible component of the transaction price.

What does the crypto community think?

With the buyer and holder’s intentions unknown, some have argued that this may be someone having fun.

Twitter user Buzz attempted to justify the sale by stating that it was a flash loan. “This individual borrowed 500 million DAI and a ton of Ethereum (ETH) and then paid it back while concurrently purchasing the crypto punk,” he explained.

Buzz’s perspective was exposed by a Twitter owner named “nanexcool,” who described the sale as a flash loan.

David Lark, a popular Twitter user, disagrees. According to him, the case involves money laundering, as he tweeted, “Now that is money laundering.”


Image courtesy of Cointelegraph News/YouTube

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