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Main Blog Hype CrypToadz NFT sale for $1.6M: fat fingers or money laundering

CrypToadz NFT sale for $1.6M: fat fingers or money laundering

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On October 9, someone bought NFT #4030 from the CrypToadz collection for 1,055 ETH ($1.6 million). During the 2021 bullrun, such a deal would not have attracted much attention in the community. However, considering the current market situation, it has sparked discussions. On X (formerly Twitter), users offer two versions of what happened — either this is a fat-finger error or a money laundering.

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Fat-finger: in financial markets, this is a name given to a keyboard input error or an incorrect mouse click that causes an order to be placed or a transaction to be executed with incorrect parameters. For example, you wanted to buy Bitcoin at the current price of $10000, but you made a mistake and bought it for $100000.
 

About the CrypToadz Collection

The CrypToadz collection was launched by a digital artist under the pseudonym GREMPLIN in 2021. It consists of "6969 small amphibious creatures''. Since the launch, the collection’s trading volume exceeds 82,000 ETH, according to NFTScan. However, there has been little interest in it recently, and the floor price is currently around 0.5 ETH ($800). Therefore, this large purchase has attracted the attention of the community.
 

Weirdly big CrypToadz deal

One of the first to draw attention to this purchase was a user under the nickname @punk9059. They stated that someone bought CrypToadz #4030 for 1,055 WETH and paid $41,500 in fees to OpenSea. Such big numbers made them think that this "was a fat-finger error". Previously, on October 6, this NFT was purchased for 0.95 ETH ($1500).

User @0xTexasHedge later joined the discussion. They noted that the address that bought the NFT received ETH from Tornado Cash. So, this transaction may have been a wash trade with the purpose of "legalising" and whitewashing such a large sum.

On the other hand, Tornado Cash is not always used only for criminal purposes. Thus, it is impossible to say for sure what the reasons are behind this purchase.
 

You might also like:

What is NFT

Buy ETH, BTC

Tornado Cash founders charged by US federal courts

OpenSea Studio to simplify the creation and management of NFTs

Maria Kachura
Maria Kachura

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