Main navigation

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

Tue, 12/06/2022 - 11:47
article image
Vladislav Sopov
First rewards for Apecoin (APE) stakers are expected to accrue on December 12
$17 Million in APE Locked for Staking, Here's How Attackers Target Your Apecoins
Cover image via
Read U.TODAY on
Google News

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.

Chainlink (LINK) Whales Accumulate Aggresively Ahead of Staking Launch

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.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)