CryptoPunk #2386 Worth $1.5M Acquired for $23K in Major NFT Heist

Sep 11, 2024, 08:13 PM

A significant event occurred in the NFT market when CryptoPunk #2386, an Ape Punk worth $1.5 million, was acquired for just 10 ETH ($23,000) through a buyout on a defunct fractionalization platform, Niftex. The punk, previously estimated to be worth 450 ETH, was sold after a 0.001 ETH per share buyout proposal and a 14-day grace period expired. This sale has been termed one of the biggest crypto punk heists of all time. The current bid for the punk is now 600 ETH ($1.4 million), reflecting a dramatic increase in value. This incident raises concerns about the safety and risks associated with fractionalized NFT assets, especially considering a previous bid of 1,400 ETH was rejected.