Largest NFT Dump Ever: Whale Sells 1,010 Tokens

Nonfungible token (NFT) whale Jeffrey Hwang, also known as Machi Big Brother, sold 1,010 tokens for 11,680 Ether, or $18.6 million, in the course of 48 hours, as per the Nansen statistics.

Andrew Thurman, Nansen’s simian psychometric enhancement technician, noticed the speculative trading over the past two days and said it’s “likely the largest NFT dump ever” in a thread on Twitter.

The main sale event featured, among many others, 308 Otherdeed NFTs, 191 Mutant Ape Yacht Club (MAYC), and 90 Bored Ape Yacht Club (BAYC) NFTs.

However, Machi Big Brother quickly purchased 991 NFTs back, and Thurman speculated that this might have been a move to either book some profits or carry out “one big wash trade to generate huge Blur airdrop profits” or a “pretty naked market manipulation.”

Machi’s Blur Connection

According to reports, Machi is one of the top recipients of the Blur (BLUR) token airdrop from emerging NFT global market Blur, which previously ousted OpenSea from the position of leading NFT platform in terms of trading activity.

The blockchain analytics company Arkham Intel reported on February 17 that Machi had gotten 1.8 million BLUR and had exchanged them for $1.3 million.

Also, Machi may be seeking to increase his NFT trading activity in order to gain some additional BLUR tokens in the upcoming round.

According to data from NFT Price Floor, the floor price levels of the top collections that Machi originally dumped have decreased by 7.77%, 9.2%, and 8.16% over the past 24 hours for BAYC, MAYC, and Otherdeed NFTs, respectively. In a later post, Thurman observed it as: “One man’s quest for an airdrop is wrecking some markets.” 

Moreover, Wash transactions appeared to have accounted for about 60% of the last year’s non-fungible token trading volumes, according to a report by blockchain analytics firm Dune at the end of the year.