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Someone borrowed 5 Bored Apes to claim $1.1 million of APE tokens

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Yesterday, Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), airdropped ApeCoin (APE) to anyone who owns one of their NFTs. 

The team allocated 150 million tokens or 15% of the total ApeCoin supply to holders of Bored Ape Yacht Club and Mutant Ape Yacht Club collections, amounting to a staggering value of more than $800 million. Each BAYC holder got 10,094 tokens, valued anywhere between $80,000 to $200,000.

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.

The trick was that the ApeCoin airdrop was not handed out based on a snapshot of who owned which Bored Ape at a specific time in the past. Instead, it was claimable by anyone who owns a Bored Ape at the point of claiming the airdrop. So if you gave someone your Bored Ape — and you hadn’t already claimed the tokens — they would be able to claim your tokens. 

This meant all the person had to do was get a hold of some Bored Apes…

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