Home Scam/Fraud A CryptoPunks NFT sells for an eye-popping $532 million – but the...

A CryptoPunks NFT sells for an eye-popping $532 million – but the purchase isn’t all it seems | Currency News | Financial and Business News

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CryptoPunks

  • A CryptoPunks NFT sold for $532 million, but it was paid for with borrowed money that was instantly repaid, Larva Labs said.
  • The CryptoPunks creator said Friday a number of NFT sales have been made using these ethereum-based flash loans.
  • The most expensive legitimate CryptoPunks NFT changed hands for $11.8 million in June at Sotheby’s.
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A CryptoPunks NFT avatar sold for over $532 million worth of ether this week, causing people to wonder why the value was so high, even for the world of crypto art.

There was speculation on social media about whether it was some kind of scam or security exploit, or a criminal trying to cover up dirty money.

On Friday, CryptoPunks creators Larva Labs jumped in on Twitter to explain how one of its NFTs – or non-fungible tokens – appeared to have gone for half-a-billion dollars.

Compare that with…

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