Shooter pro reportedly loses € 285,000 to follow a risky NFT trend

NFT is very controversial in games. Now a Valorant professional has reportedly wasted a lot of money. Because he followed a trend that could quickly backfire on NFTs.

NFTs are a new trend and just as controversial. Now a well-known Valorant pro has lost a lot of money on NFTs. At least he claims so on his social media channel.

Matt “WARDELL” Yu, who is a professional in the shooter Valorant, had invested in digital whales. These are pictures of whales that are meant to be unique. In doing so, he must have bet on a trend that could become quite costly for unsuspecting investors should the action backfire.

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What exactly happened? WARDELL even claims on Twitter that he lost between $ 200,000 and $ 300,000 on NFTs. 300,000 US dollars is equivalent to 285,000 euros. He is said to have invested the money in the “Catalina Whale” project.

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“In the next few days, I’ll be working on filing a report on the person who stole over 200,000, 300,000 now because of the Catalina Whale PUMP (POW). My mental health has not been the best the last few months, but I have to move on. ” (Matt “WARDELL” Yu)

How did he lose the money? In several posts, he explains that money has been stolen from him and that he wants to take action. However, he does not explain exactly how the theft happened.

In his first post, however, he talks about “pumping.” This is a risky trend that can be used by unsuspecting individuals to quickly lose a lot of money.

In another post, he has since stated that he confronted the thief. However, he does not become much more precise:

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“I confronted the person who stole from me. I can not wait to share this with you all. So much juice.” (Matt “WARDELL” Yu)

What does pump mean at all? A “pump” is a risky trend in NFTs. Well-known professionals or celebrities buy certain NFTs or explain how amazing they are. Many followers or friends then join in and then also buy the NFTs or the currency. The NFTs then begin to rise sharply in value.

Such pumping actions are more commonly used to add value to NFTs. For example, the “Azuki NFT Collection” increased its value from 1 ETH to 20 ETH in such a campaign (via business2community.com).

The previous owners then have a chance to make money and sell their NFTs well above the value that stood before the pump action.

The new investors then own thousands of coins and NFTs, but these lose a lot of value or even become worthless due to the old owners’ sales. Here they talk about “pump and dump”.

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It’s probably about more than just money: The whole action is likely to have long-term consequences. Because for WARDELL, it’s probably about more than just the money he lost. On Twitter, he has openly supported and regularly interacted with the NFT group behind Catalina Whale. Presumably, he had hoped to benefit from the NFT group in the long run.

This is not the first time that an NFT project has created negative headlines. For example, the owners of digital monkeys had lost about 3 million euros just by clicking on a link:

Flagship project by NFT speculators loses around 3 million euros because investors fall for a stupid trick

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