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

The anticipation surrounding the launch of a new token by BAYC was high. An unknown user manipulated the system to receive more than 60,000 APE tokens. They were able to net $820,000 after paying the flash loan and fees. This is almost 300 ETH.

CryptoPotato reported yesterday that there was a frenzy over the new ApeCoin. They bought NFT number 1060 (from OpenSea) and used it to pay the flash loan fee for 5.2 BAYC tokens. The vault allows users to deposit their NFTs and then mint a fungible ERC20 to token that can be used to redeem specific NFTs from it. This allowed the attacker to claim APE tokens per each. The attacker then sold the majority of the NFTs on the market for Ethereum. To pay the fees and flash loan, he minted BAYC NTs to BAYC tokens. They ultimately netted 293 ETH which is just over $820,000 today.

The getClaimableTokenAmountAndGammaToClaim() function in the AirdropGrapesToken contract to calculate the amount of ApeCoin to claim based on how many NFT the caller has doesn’t consider how long the caller owns those NFTs. pic.twitter.com/ihDcFBWjvp

— CertiK Alert (@CertiKAlert), March 17, 2022

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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