Apecoin Holders Lose Staked Tokens When Paired Bored Apes Get Sold

According to the Block, holders of Bored Apes and Mutant Apes are losing their staked apecoin as they fail to delist their paired NFTs before staking their tokens.

Apecoin staking goes live on Dec. 5 allowing users to stake their tokens directly or pair them with their Bored Ape or Mutant Ape NFTs. When they pair them, only the tokens are locked in the smart contract. The NFTs can still be sold on OpenSea or any other marketplace. However, when this happens, the holder loses the staked apecoin to the NFT’s buyer because the paired NFT acts as the access key.

In one incident reported by PeckShield, the victim loses 6,400 APE ($26,240) to the trader when the paired NFT is sold. The trader uses an 82 ETH ($103,000) flash loan from Dydx to buy the NFT, and claim the staked tokens. The trader then sells both the NFT and the apecoin for 88 ETH in total. This gave the trader enough funds to cover the loan and still have 6 ETH left over as profit.

In another incident shared by PeckShield, a trader scoops almost 8 ETH in a transaction costing $17.


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