Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
#PeckShieldAlert If you stake $APE in the NFT pools & sell your #NFT you will lose the staked $APE!
— PeckShieldAlert (@PeckShieldAlert) April 9, 2023
Exploiter/Arbitrageur 0x06800a just bought following #BoredApeYachtClub #7810 and got the staked 14.3k $APE (~$60K) https://t.co/8K1fVMlWQp pic.twitter.com/nA9tMDEi1A
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.
Alex Dovbnya
Dan Burgin
Vladislav Sopov