There’s no going back on a smart contract, particularly one agreed to on a decentralized exchange.
One cryptocurrency investor found that out the hard way on Nov. 4, accidentally selling a non-fungible token of YouTuber PewDiePie for 59 ether (WETH) less than he had bought it for a few hours earlier. That’s a loss of nearly $24,500 as of press time.
According to accounts shared with Modern Consensus, the seller accepted—by mistake—an offer looking to acquire a non-fungible token (NFT) he owned for 1 ETH. Just 2.5 hours earlier, the unfortunate investor bought the crypto asset on decentralized NFT marketplace OpenSea for 60 ETH.
The user explained that he was distracted by driving and unfamiliar with how the systems involved works, so he accepted the acquisition request without fully understanding it. As he put it himself, he “saw something in quantity 1 and I accepted” and soon he realized what happened and panicked:
“Afterwards I received an email with ‘Congratulations! You sold your NFT PewDiePie for 1 WETH.’ I started screaming and called a friend of mine, a blockchain expert, crying.”
The NFT in question granted its owner the right to receive the sales of the world’s most famous YouTuber Pewdiepie Skin inside the Wallem mobile game. As a consequence, just hours after acquiring the asset, the lucky anonymous 1 ETH buyer received about 300 Pteria ($1,200) to his address from the Pteria DAO.
As Modern Consensus reported nearly a week ago, Wallem is an augmented reality crypto-enabled game endorsed by PewDiePie.
Crypto assets can easily be lost
In most cases, cryptocurrencies and all kinds of tokens place the burden of their safekeeping on the user. Consumers are used to the banking system and their valuables being kept safe by trusted third parties, so this often results in great losses. This even happens to hackers and criminals that use cryptocurrencies for their activities.
As Modern Consensus reported in late February, an Irish drug dealer claimed that the keys to his $60 million worth of Bitcoin were thrown away by his landlord. In fact, a 2018 report by blockchain analytics firm Chainalysis suggests that one-fifth of all Bitcoin ever minted is lost forever.