The world’s most expensive sale of a cryptocurrency token for Ethereum has been announced

The developers of the MechMinds NFT collection have resold their non-fungible token for 126,000 ETH. According to analysts, this transaction was the largest in the history of the market in terms of ETH.

The developers of the MechMinds NFT collection «sold» their NFT number 7689 for 126,000 wETH (about $ 209 million). Representatives of the collection announced the deal on their Twitter page. MechMinds was able to obtain such a large sum with the help of a flash loan.

Instant loans or Flash Loans are a feature in popular DeFi protocols that allows borrowing digital assets without collateral. The main condition is that the loan receipt and repayment transactions, as well as any intermediate transactions with the disbursed funds, must take place within the same transaction block. For this reason, it takes only a few seconds from borrowing to repayment. At the same time, the size of an instant loan can reach tens of millions of dollars, and the fee for its issuance is only 0.09% of the amount.

Representatives of MechMinds conducted the transaction through the NFT marketplace OpenSea, which temporarily removed transaction fees to compete with another platform, Blur. According to the transaction history, the flash credit was received from the Balancer service in the form of wrapped ether (wETH).

According to MechMinds' tweets, the deal was made to draw attention to money laundering in the NFT market: «This scheme could be exploited for criminal purposes by making it harder to detect counterfeiting with organically generated volumes.»

MechMinds also called on marketplaces OpenSea, X2Y2, Blur, and Rarible to improve their top-selling ranking mechanisms to detect fake transactions. Earlier, the media noted an outbreak of laundered trade between addresses on the Blur platform.