An unknown user managed to capture around $1 million worth of ApeCoins during the airdrop via a flashloan. In DeFi projects like Flashloan, Aave, it is called borrowing from the lending protocol and then manipulating the market with this loan. We have seen millions of dollars of funds stolen from altcoin projects with this method.
Earned $820,000 from ApeCoin airdrop
With the excitement surrounding BAYC’s launch of a new currency, an anonymous person hacked the system and received over 60,000 APE tokens. After paying the flash loan and expenses (almost 300 ETH), they withdrew $820,000 to their wallets. cryptocoin.com As we reported, the hype around ApeCoin, which was listed on almost all major exchanges on March 17, resulted in a huge drop. Participating in the much anticipated airdrop was something exclusive to BAYC-related NFTs investments.
According to blockchain security firm CertiK, the unknown user took advantage of the current hype by requesting a large amount of ApeCoins in the airdrop. They purchased NFT 1060 from OpenSea and used it as a flashloan cost to borrow 5.2 BAYC from NFTX Vault, a platform that allows users to create liquid markets for illiquid NFTs. Users can deposit NFTs into the vault, which will generate an NFT ERC20 token that can be used for certain NFTs in the vault. Using borrowed BAYC tokens, the attacker used BAYC NFTs at the following numbers: 7594, 8214, 9915, 8167 and 4755.
293 Ethereum (ETH) seized
Having so many BAYC NFTs allowed the attacker to claim APE tokens for each, resulting in a total of 60,564 APEs. They sold the majority in the market for ETH. The attacker then converted BAYC NFTs into BAYC tokens to repay the flash loan and fees. They stole 293 ETH, which is just over $820,000 at today’s price.
What is ApeCoin (APE)?
ApeCoin is an ERC-20 token used in the APE ecosystem to power and promote the decentralized development of Web3. It is also a decentralized project based on Yuga Labs’ Bored Ape Yacht Club initiative. cryptocoin.com You can take a look at the Apecoin guide we have prepared here.
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