NFT collector forced to sell Bored Apes after falling for Ponzi scheme
Well known NFT personality @FranklinIsBored was forced to sell several Bored Apes after losing 2000 ETH (nearly $4 million) in a Ponzi scheme.
According to a tweet thread, this is the third time FranklinIsBored (actually an aerospace engineer named Frank Caldwell II) has lost significant amounts of crypto since early 2022.
Caldwell sold Bored Apes for at least a million dollars on Friday 14 Aprilto “cover a BendDAO borrow.” It’s unclear which project or individual took his millions of dollars in ETH, but Caldwell stated that he had believed the project “was credible because of who else was investing.” But someone used his money “like casino gambling Ponzi” money and “flushed them down the drain.”
Read more: NFT whales down millions after farming Blur tokens with Bored Apes
Not Frank’s first trip
In July 2022, Caldwell lost 100 ETH when he accidentally placed a “joke” bid for the ENS domain name he had just sold‘stop-making-fake-bids-it’s-honestly-lame-my-guy.eth’ (ENS is the ‘Ethereum Naming Service’ — a domain service for .eth).
He suggested he would take a break from Twitter and flip NFTs at that time.
Before that, in January 2022, Caldwell public admitted not disclosing being paid to shill an NFT project called Expansion Phunks the later exit cheated. After receiving 18 ETH for tweeting about the NFTs, the creators backed off and Caldwell returned the payment to a multi-sig wallet that controlled the project.
The FrankIsBored OpenSea account now only has two Bored Apes
The millionaire aerospace engineer was once a structural analysis engineer for Boeing, a principal design engineer for Northrop Grumman, and still actively works for a private aerospace company. It is clear from previous interviews Caldwell has done with YouTube accounts devoted to web3 that he has previously used risky trading strategies and lending activities to support his Bored Ape fundraising.
The FranklinIsBored OpenSea account still has two Bored Apes – a far cry from the 60+ it once controlled. “[Investing in] NFTs have worked well, Caldwell said in an earlier interview. “You’re not dependent on a lot of external factors, unlike investing in a company that you may have no idea what’s going on or who’s in charge of it.”
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