Ape CryptoPunk #2386 Acquired for 10 ETH ($23,000) in Notable NFT 'Heist' on Fractionalization Platform

Sep 11, 2024, 08:01 PM

A significant transaction in the CryptoPunk market has drawn attention as Ape CryptoPunk #2386 was acquired for 10 ETH ($23,000) through a buyout on a defunct fractionalization platform, Niftex. The sale, described as a 'heist,' occurred after a 14-day grace period expired on a 0.001 ETH per share buyout proposal. This event is notable given the punk's previous valuation of approximately 450 ETH and a recent bid of 150 ETH ($349,852.51). The transaction highlights both the opportunities and risks associated with fractionalized NFT assets. The punk was previously fractionalized into 10,000 shares, and its last sale was for $1.5 million.