User loses $150 000 over domain name joke

He placed a bid to buy his own address, forgetting to cancel it after selling it to another user at a lower price

22.07.2022 - 09:00

370

2 min

What’s new? An NFT collector under the nickname franklinisbored lost 100 wrapped ETH (wETH) worth about $150 000 due to a joke bid for a domain name on the Ethereum Name Service (ENS). On June 19, Franklin registered the domain “stop-doing-fake-bids-its-honestly-lame-my-guy.eth” using a different wallet, and placed a bid of 100 WETH from his primary address. After that, he received an offer to buy the domain for 1,9 wETH (about $2 800) from another user. He accepted the offer, but then forgot to cancel his previous bid. 30 minutes later, the new owner of the domain name accepted Franklin’s previous bid, effectively selling him his own address for $150 000.

Oh no, I lost 100 ETH. I was celebrating my joke of a domain sale, sharing the spoils, but in a dream of greed, forgot to cancel my own bid of 100 ETH to buy it back. This will be the joke and bag fumble of the century. I deserve all of the jokes and criticism.— Franklin (58 apes) (@franklinisbored) July 20, 2022

How did events develop? Franklin tried to recover his funds and even reimbursed the user for the 1,9 wETH spent. However, he himself admits that the chance of getting the money back is virtually nil. A Twitter user nicknamed 8892OS claims that he is the one who bought and resold the domain name. In his post, he wrote that he “ripped this guy off for 100 eth and he just sent me another 1.9?” attaching a message to the transaction.

i ripped this guy off for 100 eth and he just sent me another 1.9? pic.twitter.com/TXtBxqvkhB— 8892 (@8892OS) July 20, 2022

What is known about ENS? It is an open-source blockchain protocol developed in 2017. It allows users to assign a digital identifier to their wallets. Each domain name in the service is a non-fungible token that ends in .eth and can act as an address, cryptographic hash, or a website URL.

In May, interest in the Ethereum Name Service reached a record high, with over 304 000 new registrations. For that month, the service generated a revenue of 3165,85 ETH.

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