Gambling + Rug, well known NFT investors sold more than 20 BayCs to pay off debts

By: Kxp, Leo BlockBeats

Yesterday, Franklin, a prominent BAYC holder, posted on social media that he had to sell a lot of BAYC while still liquid to pay off the BendDAO loan because he needed to deal with some debt issues on an emergency basis. He said he would take a break from NFT trading and social media to focus on his remaining BAYC and personal life. The Thread received a lot of attention, and BlockBeats gave the following reasons for Franklin's sale of BAYC:

Franklin sold off 29 BayCs

Franklin began selling its BAYC holdings at 8:35 am on April 13. Franklin's first BAYC transaction yesterday was at 8:35 am on April 13, and its most recent BAYC sale was at 14:35 am on April 14.

Pictured is Franklin's first BAYC deal yesterday

Franklin has sold 29 BayCs since yesterday at around 55 ETH ($6.05 million in total), and currently has 2 BayCs (BAYC#3060 and BAYC#4865) left at his address, which are still on the list.

On the occasion of the NFT NYC conference, BTC ETH prices reached a new high of 2023, and the NFT circle was full of positive sentiment. Most NFT series floor prices and volume were also up, but BAYC series NFT floor prices were down due to Franklin's selling. After Franklin started selling BAYC on April 13, the NFT floor price fell from 57.45 ETH to 54.78 ETH.

The cause of the sale of BAYC

Later, Franklin explained why he sold BAYC, saying that he had been defrauded of nearly 2,000 ETH in a previous investment, which he had invested in because "the identity of the remaining investors in the project" made him feel that the project was sound. Someone then used their money for a "Ponzi scheme in a casino" and the Rug project ended up being worthless. Franklin did not disclose the RUG project, saying, "I hope others can learn from it." In addition, Franklin mentioned that he lost about 650 ETH on his spinach game on Rollbit.

Franklin also explained that the Rug project he had invested in had nothing to do with Rollbit and that the amount of money he had lost on Rollbit was within his means. Although he had lost a lot of money on Rollbit, that was not the main reason for selling BAYC. The Rollbit losses, the Rug investment, were the straw that broke the camel's back and Franklin said it was too early to elaborate.

Franklin advised people not to gamble and not to send any unpledged ETH. He stressed that he would not disclose any more information.

conclusion

Franklin wrote that he has sold a lot of BayCs since he focused on the rest of BAYC and his life. The latest sale of BAYC was just two hours ago. It is not known if he will sell the rest of BAYC again. From BAYC owning big names to selling almost all of BAYC, peak to trough took only 1 day.

BAYC was a big holder with plenty of money, but it destroyed almost everything it owned because of bad investments and spinach. There are two caveats:

- Do enough research before investing in the project, do not blindly participate in it because of the identity of other project investors;

- The spinach on the chain, though transparent enough, is likely to lead participants to the abyss.

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