NFT whales down millions after farming Blur tokens with Bored Apes

Serial entrepreneur, tech bigwig, and singer Jeffrey Huang, better known in the crypto world as Machi big brotherhas suffered realized losses of up to 2,400 ETH ($4.2 million) thanks to his attempts to farm tokens from the Blur NFT exchange.

Traders on Blur have been involved in so-called ‘farming wars’, buying up and selling large amounts of NFTs to collect Blur tokens which are awarded against the user’s activity on the exchange.

But some traders like Huang have taken this farming business to a very serious level, buying and selling mainly blue-chip NFTs such as Bored Ape Yacht Club and CryptoPunks in very large volumes.

Huang has apparently claimed 1.85 million Blur tokens so far, selling them all at an average price of $0.71. He is expected to receive more Blur tokens in the incoming airdrop in the next month and bought another 350,000 at an average price of $0.61. These are currently worth just $188,807.

As part of his Blur breeding strategy, Huang is also alleged to have created the biggest NFT dump in history, selling more than 1,000 NFTs for 11,680 ETH ($20.6 million). His wallet shows a remaining balance of 248 ETH ($438,000).

It is unclear why Huang is taking such a big risk by growing Blur tokens in this way because they can be bought and sold on the open market. That said, his crypto history is a bit murky. Back in 2018, he claimed to have embezzled 22,000 ETH ($38.8 million) from investors through his company Formosa Financial.

It is worth noting that he denied the claims and also threatened to sue the author of the claims, ZachXBT, but never followed through on the matter. It is unclear if Huang has any connection to the Blur exchange itself.

Blur’s approach is working so far

Blur has been launched without much fanfare and promotion, and its recorded origins are somewhat unclear. The team behind it also went to great lengths to stay out of the limelight, but the founder, Tieshun Roquerre, was eventually doxxed.