$56.3M CryptoPunk NFT Sale Raises Eyebrows, Community Suspects Marketing Stunt

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

CryptoPunk 1563 was reportedly sold for 24,000 ETH, or $56.3m, in a seemingly groundbreaking transaction on Thursday. This sale is among the top-priced transactions for a CryptoPunk NFT so far.

However, the transaction was far from typical.

On closer examination, the sale appears to have used a flash loan. This means funds were borrowed and repaid within the same blockchain transaction. Consequently, this left ownership and value unchanged.

An on-chain detective, 0xQuit, revealed more details. According to them, the flash loan was likely an attempt to market an upcoming meme coin called “Kamala Harris Punk.” This suggests the sale was orchestrated to generate interest in the token’s presale.

10/ tl;dr 24,000 ETH is a psyop to advertise what is basically a presale where, after 7 days, the punk is sold to the highest bidder with a minimum bid equal to the amount raised in the presale.

Also maybe a political statement given the name and the clown makeup.

0xQuit pointed out that the DeFi protocol Balancer sourced the flash loan. This enabled the transaction without any real value exchange. Previously, this tactic has fueled doubts about the authenticity or motives of similar high-profile NFT sales.

In a single transaction, the “buyer” took out a 24,000 ETH loan from Balancer, which the “seller” then repaid. Despite the complex process, no profit was generated. Only network fees were paid, and the Punk was merely moved between wallets.

The CryptoPunk, featuring a pixelated woman with dark hair and blue eyes, was previously listed for a fraction of its recent price. It was purchased for about $69,000 in