NFT whale down millions after farming Blur tokens with Bored Apes
Traders have been buying and selling large numbers of NFTs on the Blur exchange simply to collect the tokens awarded against their activity.
Cryptocurrency news by Protos · Protos
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Show Notes
The serial entrepreneur, tech bigwig, and singer Jeffrey Huang, better known in the crypto world as Machi Big Brother, has suffered realized losses of up to 2,400 ETH ($4.2 million) thanks to his attempts to farm tokens from the Blur NFT exchange.
Traders on Blur have been involved in so-called ‘farming wars,’ buying up and selling large amounts of NFTs to collect Blur tokens awarded against the user’s activity on the exchange.
But some traders like Huang have taken this farming to a very serious level, buying and selling mainly blue-chip NFTs such as Bored Ape Yacht Club and CryptoPunks in very large volumes.
Listen to this article to find out the ins and outs behind Huang's farming war.
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