An anonymous user received an airdrop and earned $1.1 million in ApeCoin cryptocurrency by manipulating NFTs from the famous Bored Apes collection. How did he do it?
Bored Apes, the first NFT collection, launched in the spring of 2021, and since then, total token sales have jumped to $1.4 billion. In March, the project team presented their cryptocurrency ApeCoin and carried out an Airdrop.
As part of the airdrop, each NFT owner from the Bored Apes collection received just over 10 thousand coins worth from 80 thousand to 200 thousand dollars. In total, the organizers allocated 150 million tokens for the payment of rewards for a total amount of more than $800 million. This is 15% of the total number of ApeCoin coins with a planned total output of 1 billion coins, which should remain unchanged.
Not a bad win
Using a flash loan, which allows you to get significant amounts of cryptocurrency at a fairly low price price, an enterprising user purchased NFT and made a profit of 60.5 thousand ApeCoin coins. He borrowed five tokens from the famous collection, and then in one transaction claimed his tokens and redeemed the NFT.
He subsequently sold the cryptocurrency obtained during the fraud on the decentralized trading platform Uniswap for 399 ETH and earned more than $1 million. Such actions caused a wave of admiration among users, who called such actions a very successful arbitrage transaction.
The user managed to pull off such an unusual scheme thanks to the fact that the creators of the collection distributed tokens to everyone who had at least one of their NFTs. Their omission was that they did not take into account the period during which a person owned the tokens before applying for a reward.
Author: Dmitry Noskov - expert of the StormGain crypto exchange (platform for trading, exchange and storage cryptocurrencies)
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