Punk Monkey was bought out for 10 ETH with a minimum valuation of 600 ETH, as it were

In 2021, one of the considered promising niches was the fractionalization of owning expensive NFTs. In a bull run, people believed that rare NFTs could be worth tens of millions (e.g. a Compound funder bought a punk monkey for $24M), and platforms offered to buy small fractionalized fractions of such NFTs.

One such platform, Niftex, was safely shut down, but Punk Monkey 2386 remained fractionalized through this protocol.

Since the site was shut down, all interactions with the smart contract could only be conducted directly via blockchain/etherscan.

The rules of the platform included a redemption logic: the owner of a faction could initiate a buyback of all factions of other users at a price set by him and if there were no redemption requests from other owners within 14 days, the smart contract would execute the redemption at the first set price.

User 0x282 initiated the buyout 14 days ago. Other owners were alerted to the brazen attempt to seize the property at a throwaway price, however:

To block a buyout, you must actually buy back the offering person's shares at a price higher than their offered price.

0x282 offered a price of 0.001 eth per share (10 eth for the whole punk), i.e. the price was 0.0010000001 eth for 1/10000th of a monkey share.

Another large token stake holder tried to re-bid and re-purchase 0x282's offer, but he was wrong by two ten-trillionths of a cent, because he offered a price of 0.0010000000 eth.

As a result, the buyout process was not blocked and user 0x282 took NFT worth $1.3M for $25K in front of everyone.