Bored Ape Yacht Club's Apecoin DAO Airdrops Millions of Apecoins to NFT Owners

During the last 24 hours, the cryptocurrency community has been discussing the launch of a new token called apecoin (APE), released by the newly-formed Apecoin DAO. At launch, the token exchanged hands for $10.36 per coin, but dropped more than 40% to $6.21. Since the token’s all-time low and Bored Ape Yacht Club (BAYC) owners getting a sizable airdrop, the price of APE moved closer to the price it saw when it first came out.

Apecoin DAO Airdrops Tokens to NFT Owners, Forms the Ape Foundation

There’s a new crypto token among the 13,243 cryptocurrencies in existence and it’s already positioned itself in the top 100. Apecoin (APE) was launched after the creation of a decentralized autonomous organization called Apecoin DAO, initiated by the firm Yuga Labs. According to the non-fungible token (NFT) startup, the Apecoin DAO will be managed by council members. Additionally, the formation of an Ape Foundation has been constructed in order to help manage the DAO’s governance process.

“Apecoin is owned and operated by the Apecoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund,” the social media account dubbed Apecoin noted on Wednesday in a Twitter thread. “Holding apecoin is the only requirement for membership in the Apecoin DAO. The DAO is supported by Ape Foundation, which was created to act as the legal steward of apecoin and administer the decisions made by the Apecoin DAO community. (Basically someone needs to sign the checks.)”

Furthermore, the team said that 62% of the total apecoin (APE) supply will be “allocated to the Apecoin community,” and 15% was initially distributed at 8:30 a.m. (ET) on Thursday. “The airdrop claim consisting of 15% of the total supply of apecoin will be made available to [Bored Ape Yacht Club] NFT holders (Bored Apes and Mutant Apes, as well as BAKC dogs paired with either BAYC or MAYC).”

A Slew of Major Exchanges List Apecoin, Over 10,000 Unique Addresses Have Claimed Funds

Statistics from the analytics site dune.xyz show that a great number of addresses have claimed their airdrop tokens throughout the day. Those who do not own the criteria of specific NFTs from the BAYC-related NFT collections, have the option to purchase the token via a slew of popular exchanges. While the token is extremely new, Apecoin is already listed on Binance, Uniswap, FTX, Coinbase Exchange, Okx, Bitfinex, Huobi, and Kucoin. Statistics also show that a great number of ethereum addresses have claimed their airdrop tokens throughout the day.

Data indicates that 15,201 unique addresses can claim the APE airdrop and at the time of writing, 10,783 addresses have claimed funds. That’s a percentage of 70.92% of the claimants so far and out of that total 99,661,960 APE has been claimed. Furthermore, after APE has been exchanged on trading platforms for most of Thursday, there are 21,373 unique addresses that currently hold APE. Etherscan data indicates the newly launched ERC20 is divisible by 18 decimals and presently the token has seen 74,267 transactions.

The hype surrounding the Apecoin airdrop has seen problems as well. The Certik Alert system, a community alert created by the security firm Certik, revealed the Apecoin airdrop was attacked by a flash loan. “At 12:13:14 PM UTC, an attacker claimed a large amount of [apecoin] in the airdrop event by flash loan using BYAC tokens to redeem for BAYC NFTs,” the Certik Alert system said. “The total profit of the attack is around ~ $820K (293 ETH).” Additionally, a blog post written by Blocksec also describes how the Apecoin airdrop was attacked by a flash loan.

“We think it’s due to the vulnerability that the airdrop process of the APE token only considers the spot state, which can be manipulated by the attacker,” the Blocksec post explains. Moreover, the Apecoin DAO web portal has been suffering all day from extreme traffic and at times, the server is unable to handle the load.