How Someone Made $820K From ApeCoin’s Airdrop Via Flashloan


With the anticipation skyrocketing round BAYC’s launch of a brand new token, an unknown consumer gamed the system and obtained greater than 60,000 APE tokens. After paying off the flash mortgage and the charges, they netted $820,000 (nearly 300 ETH).

CryptoPotato reported yesterday the frenzy across the new ApeCoin that led to a pump and dump in Bored Ape Yacht Membership’s flooring value.
This occurred due to folks shopping for BAYC-related NFTs to take part within the highly-anticipated airdrop.
In response to CertiK, an unknown consumer took benefit of the continuing craze by claiming a considerable amount of ApeCoin within the airdrop.
They purchased NFT quantity 1060 from OpenSea and used it because the flash mortgage payment to flash mortgage 5.2 BAYC tokens from the NFTX Vault – a platform permitting customers to create liquid markets for illiquid NFTs. Customers can deposit their NFTs into the vault and mint a fungible ERC20 token which might then be redeemed for particular NFTs from the vault.
The attacker used the borrowed BAYC tokens to redeem the next BAYC NFTs – 7594, 8214, 9915, 8167, and 4755.
Proudly owning so many BAYC NFTs allowed the attacker to assert APE tokens for every, leading to a complete quantity of 60,564 APE. They offered the bulk available on the market for ETH.
After that, the attacker minted BAYC NFTs to BAYC tokens to pay again the flash mortgage and charges. Finally, they netted 293 ETH, price simply over $820,000 as of at the moment’s costs.

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