Buyer Faces $3M Loss In Squiggle NFT Bet Amid Crypto Meltdown

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The latest market analysis confirms that an anonymous trader who bought a pair of Chromie Squiggle non-fungible tokens (NFT) last year for a staggering $4 million now attract more than a $3.9 million loss amid the continuing general crypto meltdown.

On September 07, 2021, Christie’s, a British auction house, announced that an anonymous buyer had bought two Chromie Squiggle NFTs from the Art Block Curated collection for an estimated $ 4 million (1,362 ETH).

Two Chromie Squiggle NFTs For $4M

At the time, the anonymous buyers snapped up Chromie Squiggle #7583, a rare and perfect spectrum at 922.5 ETH, and a follow-up purchase of Chromie Squiggle #2855 for 420 ETH.

Before ending the spending spree, the buyer grabbed Ringer #787 for 275 ETH. These purchases attracted the attention of the winder NFT community, with many speculating the buyer was a Venture Company or an institution as the estimated wallet was worth more than $25milion and featured an array of highly sought-after pieces.

Unfortunately, amid the continuing general crypto market dump, which has left many digital assets shedding more than 70% of their value, the anonymous buyer attracts more than $3.9 million in losses from his investment in Chromie Squiggle NFTs at the current prices.

Chromie Squiggle NFTs Market Health

Launched in 2021, Chromie Squiggle NFTs are unique collections of randomly generated “squiggles” of color-made artworks on the Ethereum blockchain. The NFT project features a limited edition of 10,000 NFTs, with 9,166 squiggles already minted.

Since its inception, the Chromie Squiggle NFTs continue to flourish, attracting the attention of many crypto enthusiasts. Earlier this year, the NFT project had attracted more than 220,000 followers on social media.

Chromie Squiggle’s woes started earlier this year after a 60-page report circulated online purportedly alleging that the whole project was a rug and pull. The now-deleted report linked the team behind Squiggles NFTs with a series of infamous “rug and pull” NFT projects, including The League of Sacred Devils, League of Devine Beings, Vault for Gems, Lucky Buddhas, Dirty Dogs, Sinful Souls, and Faceless, among others.

The report exposed the names of the team behind the syndicate, including Gabriel Hay, Gavin Mayo, and Ali Saghi believed to be the team behind the Chromie Squiggle NFT project. Unfortunately, these rumors led OpenSea marketplace to delist Chromie Squiggles NFTs to pave the way for investigations.

Nonetheless, the team behind Chromie Squiggle NFTs has refuted these claims in several cases, maintaining that the project was legit and with good intentions. These allegations and the general crypto market dump are the main factors behind the massive loss in value of Chromie Squiggle NFTs.

Chromie Squiggle NFT #7583 is valued at 8.31 ETH ($13,214.93), while Chromie Squiggle NFT #2855 values 8.3 ETH ($13.214.93) at the time of writing. Ringers NFT #787 is currently worth 25.9 ETH, equivalent to $41,236.96.

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Author: Dominic Kimani

Dominic is a Nairobi, Kenya based crypto news writer enthusiastic about NFTs, DeFi, and blockchain tech in general, with four years experience in the field, alongside his own personal investing journey. Dominic also produces his own NFT and crypto newsletter, taking the initiative to set up his own mailing list with

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