NFT Whale Sells $18.6 Million Worth of Tokens in 48 Hours

    Nansen, a blockchain analytics platform, recently reported that NFT whale Jeffrey Hwang, also known as Machi Big Brother, sold 1,010 tokens in just 48 hours for a total of 11,680 ether (ETH) which is equivalent to $18.6 million.

    The trading activity caught the attention of Andrew Thurman, a simian psychometric enhancement specialist at Nansen, who posted a tweet about it on February 25, referring to it as “possibly the greatest NFT dump ever.”

    The sale included a variety of non-fungible tokens (NFTs), such as 308 Otherdeed NFTs, 90 Bored Ape Yacht Club (BAYC) NFTs, and 191 Mutant Ape Yacht Club (MAYC) NFTs. Despite the large sell-off, Machi Massive Brother quickly bought back 991 NFTs, leading Thurman to theorize that this could be a move to either record some gains while simultaneously undertaking “one big wash deal to produce enormous Blur airdrop profits” or a “quite blatant market manipulation.”

    Machi is reportedly one of the largest recipients of the Blur (BLUR) token airdrop from the upstart NFT marketplace Blur, which recently overtook OpenSea as the top-ranked NFT platform in terms of trading volume.

    According to blockchain analytics platform Arkham Intel, Machi received 1.8 million BLUR and cashed it out for $1.3 million USD.

    Stay in the Loop

    Get the daily email from Crypto Navigator that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement - spot_img

    You might also like...