Bored $APE AIRDROP, Flash Loan attack, #StandWithUkraine - podcast

Was $APE AirDrop success?

Hello everyone, so in this episode we're going to talk about. Abe, coin AirDrop. So App Coin is a token. You can find it looking for. Ape is a token developed by firefighters board app. Yeah, Yacht Club. So it's one of the biggest communities out there which I think recently purchased crypto banks. And yeah, basically probably already seen like hundreds of monkeys surfacing Twitter profiles. Yeah, and it's it's a really cool entity project. One of the most famous ones, and this is the project which really skyrocketed during last year. So now they just released this token ape. And if you if you are holding either board app or mutant app or two other type of. You will be able for some to get some APE token. But it it wasn't like very smooth because we are. There were like few issues unless just go through them so. First, like token AirDrop. Price. The really like crashed, crashed just after it started trading last Thursday, and that wasn't the only glitch. Come. So there's that. Uhm? I'm just reading here through the protocol.com article, so EB coin is meant to be the coin of the board App Yacht Club around, but it's a little fuzzy. What that means. Is it a fun token for entity owners to get March? Is it speculative financial tool? Is it the right to vote in future developments? Is it an incentive for developers? Yes, it's also frankly a huge publicity stunt. A billion app coins are getting split between board app owners and new app coin. Dow Google Apps itself and its four founders and other companies and people who contributed to the project. And this project used an AirDrop, a classic crypto marketing technique, but it didn't go smoothly. Owners of board apps and related entities bar eligible to claim as many as 150 million popcorn tokens. Thursday, The coins Diane where I dropped a fancy crypto term for Santa their wallets. Uhm? So, uh, and yeah, it just says that AirDrop is a marketing term, not a technical one. And this AirDrop was really like the the talk of the crypto town, like it was trending. A lot of people were like figuring out if they are eligible and like how much they can get posting that picture from Twitter. Because right now we are kind of like in crypto market. Nobody knows how long will it take. Yep, so like it's not comparable to all these airdrops which were just like a few weeks like a few months ago during winter and autumn. Uh. So someone says, like while an AirDrop can be very positive for building hype sometimes is hype short lived, set eaten Mac Mahan that aren't to be the case as the value of the token storage upwards to pick up $39.00 then sank overnight by our 80% to as low as $6 six 48. After talking, climbers quickly turned around and sold them. The price then bounce back to 1775 before falling back to 13. So Yep. In chasing high bugat my hair overlooked security as there were other like bombs. Some scammers were out in full force on the date of the launch. The AirDrop also suffers flash. Lone attacker complicate maneuvers, attacks advantage of the lack of checks in some defile and in protocols. Uh. So Yep. Monster drops use snapshot mechanism that takes into account how long a user held an EFT before climbing a reward. You got labs did not allow anyone who wanted to participate in the air drop to buy an EFT in real time and clams are award hands their vulnerability. So. There you have it. Executives in the gaming industry from AFK Sand Animoca brands already sit on the app. Coin Dow special counsel and the token is slated to be used as in game currency for a slew of upcoming Hugo Labs games sports, noting that it doesn't give away any ownership in Google Apps itself. That is for founders and VC's to keep, of course. So there you have it. So that's that. Also there was like some speculation that Anderson Horowitz actually had like a quite a large chunk of the tape token. Because you know, there are a lot of like investors. And I understand horror is one of the top investors in web three in crypto who hold a big chunk of that token. Uhm? Well, so that's that. Yeah, so you see, it's it's wasn't like that. Yeah. The best air drop out there. And also that I'm reading another article, that app coin AirDrop led to soft of millions of dollars in NFT's. And then hackers found a way to claim free tokens on app coin crypto coins using and they didn't own, fraudulently earning millions because basically you can go to, you know like to add coin.com. I think that's the website and then you can check how much would you earn like if you just like or if you can verify that you really on board apps like you know the block price right now. Just like 100 thousands of dollars just for one FT of board 8. So, and the claim is open for 90 days. So there had so someone wrote on Twitter. Anyone holding base? Fixed world tokens should probably redeem now before climb starts, since after the climb starts tomorrow it will be possible for people to flash, loan or redeem and climb for themselves. Flash alone is a method of landing and returning the lawn on a single transaction in the blockchain network. In practice, the borrower has to return the loan before the end of the block, which takes a few seconds, and failing to do so, the loans will file and the money will be returned to the loaner. Unlike regular loan, you don't need any collateral or to even go through the identification process. Hackers like to use the flash loans since they don't even have to risk their own capital and the walls don't get traced back to them. Uh. And then the price difference across different exchanges opens up small vision for traders to generate profits quickly. Uh. All the attacker has to do is to find PMF. dot wasn't used to climb the airdropped app token and to do so he used a protocol called NF. Ticks ticks protocol is used to allow users to deposit their vault and return meent a token. That can be tried and platforms like sushi and swap and banker looking at he could find by and seeing the world looked up in the world and not controlled by anyone. Nobody had used them to create AirDrop. So in order. Dan. Attacker needed to use as collateral to do so. He bought 1060, an open see Next Flash loan is used to board large amount of NFT stock and letting him to redeem. Redeem the log 8 NFT. Yeah. Then he uses those benefits to climb 60,000 app corner return to NFTS to NFTS, and paid back the loan all in one transaction. After the attack, attacker sold eight coin and open market and and gained 1.5 million. The main back was that app. Coiner dropped, didn't check how long the holder had the board app and so. Uh. They have this means that all an attacker has to do is to possess for a brief moment to claim that AirDrop we can see in the contract. They will noble function. So that's that. There you have it. So that's interesting. So as you can see, that's one of the vulnerabilities there. But yeah, maybe it was just a rocky start. Maybe it will really be a nice token. It's which, like, you know, because this is like a elite club of board holders. And then you visit this talk and maybe you participate in governance. Maybe you know like access to some parks like I don't know some membership, so yeah, let's see how it develops. Also interesting to see why this timing was selected for this token. So their head. But this is just my two cents. It's I think it's an interesting topic. So definitely. Definitely check it out. I don't own any port apps yet, but that's that. So thank you for listening. Also. In the light of recent events, consider supporting Ukraine stand with Ukraine. It's like super important. Yeah, just find your way to support my country in any cost you like. Either by donating to humanitarian cause or. Any other costs you can just search online. How can you support Ukraine? Or just using hashtag stand stand with Ukraine. This is a really crucial times. So yeah, I would be really, really helpful if you can do that. So thank you for listening. Let's catch up in the next episodes.