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Bored Ape Holders Should Be Cautious as This Will Lead to Serious Loss

Sun, 04/09/2023 - 11:59
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Arman Shirinyan
While staking may be considered passive income, it is important to stay cautious
Bored Ape Holders Should Be Cautious as This Will Lead to Serious Loss
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A recent tweet by PeckShieldAlert, a prominent blockchain security firm, has raised concerns over potential risks associated with staking APE tokens in NFT pools. According to the tweet, users who stake APE in NFT pools and then sell their NFTs stand to lose their staked APE tokens. This issue was highlighted when an exploiter/arbitrageur with the address 0x06800a purchased Bored Ape Yacht Club (BAYC) #7810 and received 14,300 staked APE tokens worth approximately $60,000.

Staking has become a popular method for earning passive income in the crypto space, as users can stake their tokens to support the network and receive rewards in return. However, the tweet by PeckShieldAlert serves as a reminder that staking is not without its risks, particularly when it comes to NFT pools.

Bored Ape Yacht Club (BAYC) is a well-known NFT project that has gained immense popularity in the crypto world since its inception in April 2021 and became one of the biggest collections in the world. The project features a collection of 10,000 unique Bored Ape NFTs, each possessing distinct attributes and rarities.

The issue of losing staked APE tokens upon the sale of an NFT raises questions about the safety and reliability of staking in already questionable NFT pools. It is crucial for beginners in the NFT industry to do thoughtful research when interacting with similar solutions.

In light of the PeckShieldAlert tweet, users should exercise caution when staking their APE tokens in NFT pools and be aware of the possible consequences of selling their NFTs as it may lead to some significant losses. It is essential to stay informed about potential pitfalls and exploitations in the industry.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.