A Single User Made $820K From An ApeCoin Aidrop Via Flashloan

A single user made $820K of ApeCoin during an airdrop via flashloan as we are reading further in today’s latest altcoin news.

With the anticipation surging around BAYC’s launch of new tokens, a single user recieved more than 60,000 APE Tokens and netted almost $1 million, after paying of the flash loan and the fees and equaled $820,000. The frenzy around Apecoin led to a pump and dump in the Bored Ape Yacht Club floor price and this happened because people purchased BAYC-related NFTs to participate in the highly-anticipated airdrop.

According to Certik reports, an unknown single user took advantage of the craze and claimed a huge amount of ApeCoin in the airdrop. The purchased NFT number 1060 from OpenSea and used it as a flash loan fee to flash loan 5.2 BAYC token from the NFTX Vault which allows users to create liquid markets for illiquid NFTs. The users can deposit their NFTs into the vault and mint ERC20 tokens which can be redeemed from the vault.

The attacker used the borrowed tokens to redeem 7594, 8214,9915, 9167, and 4755 BAYC NFTS. Owning so many BAYC allowed the attacker to claim the APE tokens for each and resulted in a total amount of 60,564 APE which they sold on the market for ETH. After that, the attacker minted BAYC NFTs to BAYC tokens to buy back the flash loan and the fees which netted him 293 ETH worth over $820,000.

As recently reported, BAYC’s new token ApeCoin found a place in the top 100 cryptocurrencies and hit a market cap of $2 billion a day after being launched. Following the recent price fluctuations, BTC calmed down on the daily scale and remained above the $40,000 price tag. Most altcoins were stagnating but the top 100 coins saw the entrance of the recently launched Apecoin which made a staggering success in the hours after launching.

The APE coin is available for claiming and trading on certain exchanges and it seems that the people who bought the token and the BAYC NFTs are selling them right now. At the time of writing, the floor price for the BAYC collection sits at 78 ETH which is a huge drop from the 30% of today’s high. In the meantime, FTX already started trading the aPE coin and the price there sits at $7 at the time of writing.