Ordinals Trader Recovers Bitcoin After Fat-Fingered NFT Purchase

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On March 1, a cryptocurrency trader shared a riveting tale on social media, recounting the accidental purchase of a non-fungible token (NFT) at 1,000% above its listing price.

The trader, whose X username is PrincePablos, paid 0.21 BTC (about $12,877) for a Bitcoin Ordinals NFT listed at 0.021 BTC (about $1,287) due to a fat finger error.

An Expensive Error Worth Over $10K

Despite feeling embarrassed, PrincePablos shared the story to help others avoid similar mistakes. He recommended that traders verify their digital asset transactions before finalizing them.

Biggest mistake since I entered ordinals. It was the last amount I had in my wallet too. Embarasssed and feeling sick but I wanted to share just incase it reminds one person to double check shit. One lucky person has just received a shitload of money.#PMBpic.twitter.com/dPhm5G8FVq

— PrincePablos (@PrincePablos) March 1, 2024

Fortunately, a user on X named Dan Anderson commented on the post. Anderson claimed to be the seller of the NFTs and promised to refund the customer’s funds.

Anderson said he had offered to buy back the NFT from the buyer to reverse the financial transaction and make the trader whole again. The offer was accepted, and the 0.21 BTC was returned to PrincePablos.

Hey, this was my listing. I made you an offer on it for 0.21 BTC, so you can accept that and be well again.

I listed it at 0.21 BTC because it's dank not to fish for a fat finger. I was like "huzzah" tho until I saw your post. https://t.co/yczB6TOAAz

— Dan Anderson (@droplister) March 1, 2024

The transaction occurred on the NFT marketplace Magic Eden, a platform where creators can sell their collectibles.

Bitcoin Ordinals are a unique form of non-fungible tokens (NFTs) that have attracted attention for their unique approach. These NFTs are inscribed on satoshis, the smallest units of Bitcoin, making them distinct and valuable crypto art pieces.

Each Bitcoin Ordinal represents a specific number, often corresponding to its order in the Bitcoin blockchain. For instance, the first block in the Bitcoin blockchain, the Genesis Block, holds immense historical significance.

An NFT inscribed on the satoshi from this block would be highly coveted due to its association with the inception of the entire Bitcoin system.

These NFTs are seen as a way to commemorate and celebrate Bitcoin’s journey from its launch to its current status as a leading cryptocurrency.

Due to their scarcity and unique nature, Bitcoin Ordinals have become sought-after by NFT traders.

When Fat-Finger Transactions Take an Unlucky Turn

While PrincePablos was fortunate to have their funds returned, others were less lucky. Last year, an OpenSea collector fat-fingered a 100 ETH bid for an NFT that was supposed to cost next to nothing.

Yeah someone else put the 100ETH bid by mistake (He probably want to bid 100 as amount) and it got accepted by another one with 1500+ gwei gas

— 0xSun (@0xSunNFT) April 5, 2023

Many analysts who observed the transaction on Twitter and Reddit speculated that the investor intended to bid $100 but mistakenly sent 100 ETH instead.

The token in question was part of an OpenSea collection created to commemorate the launch of its Pro marketplace. While the transaction’s outcome was not reported, the trader’s chances of recovering their ETH seemed very low.

Recently, an Australian man vanished after allegedly pocketing about half a million dollars. The funds came from a cryptocurrency trading platform, Rhino Trading Pty Ltd, which accidentally added an extra zero to the amount sent to his account.

In another incident, a Melbourne couple faced a trial in October 2023 for a theft charge. They had inadvertently received 10.5 million Australian dollars ($6.7 million) from Crypto.com in 2021 and spent the money before the error was discovered.

The post Ordinals Trader Recovers Bitcoin After Fat-Fingered NFT Purchase appeared first on Cryptonews.