Ape Coin To The Moon! | Glitch Explained

TL;DR

Someone exploited a glitch in the system to borrow Board Apes NFTs and make over a million dollars through a token airdrop.

Transcript

all right so in today's video i want to help explain the million dollar glitch where someone was able to borrow five board apes and exploit the airdrop and get over a million dollars this is crazy now i realize that nfts are somewhat of a controversial subject and every time i make youtube videos about nfts half the people are like it's a scam and ... Read More

Key Insights

• 💯 NFTs, particularly Board Apes, have become highly valuable assets, with prices reaching hundreds of thousands of dollars.
• ❓ Airdrops, such as the one for Board Apes holders, can result in significant profits for NFT owners.
• 👻 Flash loans, enabled by smart contracts, allow for quick borrowing and repayment of assets, making them susceptible to exploitation.
• 😮 The rise of NFTs and Web 3.0 is attracting significant investment from venture capital firms and tech giants, indicating potential future growth and development in this space.

Questions & Answers

Q: How did someone exploit the system to make over a million dollars with Board Apes NFTs?

The person used a flash loan to borrow Board Apes NFTs, claimed the airdrop tokens, and returned the borrowed NFTs before the loan was due. This allowed them to profit from the airdrop tokens.

Q: Is this considered stealing?

The act can be seen as stealing because the original owner of the NFTs will never be able to claim their airdrop tokens. However, arguments can be made that it is not stealing, as it is similar to lending out a physical item that is used for profit.

Q: Why were the airdrop tokens created?

The airdrop tokens, known as Ape tokens, are part of the new metaverse being developed by Yuga Labs, the creators of Board Apes. These tokens give holders voting rights and privileges within the metaverse.

Q: What is Web 3.0?

Web 3.0 is the next phase of the internet that aims to decentralize control, giving individuals more privacy, data ownership, and value. NFTs and tokens are a part of this new internet ecosystem.

Summary & Key Takeaways

• NFTs, particularly Board Apes, have skyrocketed in value, with the cheapest Board Ape currently priced at $307,000.

• An airdrop of Ape tokens was recently done, allowing holders to receive free tokens. One person made over a million dollars from this airdrop.

• The glitch occurred when someone borrowed Board Apes NFTs using a flash loan, claimed the airdrop tokens, and returned the borrowed NFTs before anyone noticed.