$135K NFT BURNED 🔥

An NFT investor accidentally destroyed a $135k CryptoPunk by sending it to a burn address instead of collateralizing it.

A non-fungible token (NFT) collector accidentally burned a CryptoPunk worth $135K by sending it to a burn address while attempting to borrow money against it. The investor had purchased CryptoPunk #685 by paying 77 ETH and had planned to use it as collateral for borrowing money to buy another NFT. However, during the process of wrapping NFTs, the investor mistakenly sent the asset to a burn address, causing the NFT to be permanently deleted from circulation.

Brandon Riley @vitalitygrowth

Today I accidentally burned a @cryptopunksnfts trying to wrap punk 685. I was so focused on following the instructions exactly, that I slipped up, destroying a third of of my net worth in a single transaction. @yugalabs please sell me the @v1punks 685 as a consolation. 🙏🏼

The incident highlights the importance of understanding the technicalities involved in crypto transactions and the need for clearer front-end processes for crypto ecosystems. It also sheds light on the risks involved in investing in NFTs and the need for caution while handling these assets.

Brandon Riley @vitalitygrowth

@punk9059 @ryancarson I would just like to make one thing clear. I was not wrapping this punk to sell it on Blur. It was to be my “forever punk”. The number is exact reverse of my ape. I was only wrapping it because I needed to borrow some liquidity from it.

#NFT #CryptoPunk #NFTs #CryptoCommunity #CryptoTwitter #Blockchain

If you found this article helpful and informative, consider showing your support by leaving a tip.

Your generosity will not only help us continue our efforts in bringing you the latest and most insightful crypto news, but it will also help us grow and improve. Simply send a small bitcoin donation to our bitcoin address:

bc1qgevxgryjranjw7chg9h8sgjp6v7w7a98g9arnp

Every little bit helps and we truly appreciate your support. Thank you for being a part of the Crypto News Network community!

---

As a special token of appreciation, we're delighted to announce a monthly exclusive giveaway for our valued HODL’ers.

By simply following us on Instagram & Twitter, you'll be automatically entered for a chance to Win $500 in Bitcoin and also a brand new Ledger Nano X hardware wallet, the most secure way to store your cryptocurrency.

Winners will be announced each month on our Instagram and Twitter so be sure to keep an eye out.

Interested in learning more about Crypto, Bitcoin, Web3 and emerging tech, follow Crypto News Network everywhere:

Instagram | Twitter | LinkedIn | Facebook | TikTok