Someone borrowed 5 Bored Apes to claim $1.1 million of APE tokens (via _VishalChawla)
An unknown user took advantage of the way the ApeCoin airdrop worked to glean $1.1 million worth of it for themselves.
But someone found a way to claim the airdrop, using NFTs that they did not initially own. They took advantage of the specific way the airdrop works to carry it out. And it was a very effective move that netted them $1.1 million in ApeCoin. A vault is a way to tokenize an NFT or a set of NFTs. What happens is you take a group of NFTs, put them in the vault and you create a token. This token can then be staked to earn token rewards, or it can be sold . Anyone who owns enough of the tokens can redeem them for the underlying NFTs.was created on a protocol called NFTX. It contained five Bored Apes: #7594, #8214, #9915, #8167, and #4755 worth about 500 ETH based on the current floor price.
In this case, they bought a Bored Ape on NFT marketplace OpenSea for under $300,000 and used it as collateral to take out the flash loan. The flash loan was then used to purchase a large amount of the vault’s token, letting them redeem the five NFTs. The NFTs were used to claim the airdrop — all in this one, complex transaction — before all of them were then returned, the tokens sold back and the loan repaid.
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