E Point Perfect

$17 Million in APE Locked for Staking, Here’s How Attackers Target Your Apecoins


article image

Vladislav Sopov

First rewards for Apecoin (APE) stakers are expected to accrue on December 12


The launch of Apecoin (APE) staking payout program is among the most anticipated events for high-profile DeFi and NFT enthusiasts. Here’s how exploiters can access the locked funds and steal them.

Stakers’ APE tokens are at risk

PeckShield, a top-tier cryptocurrency security provider, explained the scenario that might allow scammers to steal Apecoins (APE) locked in staking pools by their holders.

According to PeckShield, an exploiter managed to purchase an elite Bored Apes Yacht Club non-fungible token, #6762, and access the APE staked by its previous owner.

Since he/she purchased BAYC #6762 with money borrowed from dYdX DeFi (over $102,000) and then immediately repaid the loan, it looks like the stake associated with the same pool was the real target of this masterful attack.

In all, the attacker managed to steal over $25,000 in APE and immediately swapped it to Ethers (ETH).

NFT expert Matt Solomon, Metaverse strategy head at Horizen Labs, highlighted that all marketplaces should keep their users informed of the possibility of such “collateral damage.”

$17,000,000 in Apecoin (APE) deposited to staking pools

At the same time, the staking campaign for Apecoin (APE) is gaining traction. As displayed by Nansen data tracking platform, over 4,280,000 APE have been locked in staking pools so far.

Over $673,000 is locked by top-tier NFT holder Nobody Vault. Also, the campaign has already yielded contributions from high-profile holders of BAYC, Mutant Apes Yacht Club, Otherdeed for Otherside and other popular collections.

As covered by U.Today previously, Chainlink (LINK) staking program also starts today. Many whales aggressively accumulated LINK tokens in order to get periodic rewards.

Some of them purchased over $100 million in LINK in the past 14 days.


Source link

Related posts

Crypto Is Not Dead No Matter What Happens, Says YouTuber Bitboy

My Neighbor Alice (ALICE) Collaborates with OVER App, Launches Prize Hunt

Cardano (ADA) Developer Reveals True Reason Why HBAR Has 59 Million Transactions

XRP Price Explodes 40%. What’s Behind This Rally?

Cardano’s Charles Hoskinson and Snoop Dogg Present New Music Video

BabyDoge Down 10% Amid Decision to Burn 50 Quadrillion Tokens