Trader’s fat-finger typing error due to “lapse of concentration” led to sell his NFT (non-fungible token) for one hundredth of its $300,000 actual price.
A fat-finger error is where a trader places the wrong bet on a stock or other asset due to a typo. Trader named Max listed the Bored Ape Yacht Club collection of 10,000 pieces — for 0.75 ether (approximately $3,000), instead of 75 ether, and it was sold automatically before he could correct it. Here is his tweet:
If losing over 250k USD isn’t worth thinking about for even a second for you, Venmo me 5 grand please xD https://t.co/pyyFkVuCC4— Coda (floating in the void) (@Coda_pendent) December 13, 2021
“The industry is so new, bad things are going to happen whether it’s your fault or the tech,” Max told CNET. “Once you no longer have control of the outcome, forget and move on.”
Cryptocurrency trades are almost impossible to reverse unless all the people involved in a transaction agree to do so. Underlying blockchain technology behind many digital assets is designed to ensure transactions are irreversible.