The Bored Ape Yacht Club recently created a token called ApeCoin, some of which they announced would be distributed to people who owned various Bored Ape NFTs and NFTs from their related collections. However, because the token distribution didn't use a snapshot of ownership data, but rather distributed tokens per-NFT to the first owner who claimed them, people were able to game the system. Some owners of Bored Ape and related NFTs had put their NFTs into an NFTX vault, which is a setup where someone takes a subset of their NFTs and creates a token that is based on them. The token can then be staked to generate yield, or can be sold, and if someone owns enough of the tokens, they can redeem them for the NFTs. A clever operator found a vault containing five Bored Ape NFTs, which had unclaimed $APE associated with them since they were locked up in the vault. They used a flash loan to purchase a large amount of the vault's token, redeem the five BAYC NFTs, claim the airdropped tokens, return the BAYC NFTs, sell back the tokens, and repay the loan, all in one transaction that cost them nothing but netted them 60,564 $APE, which they then swapped for 399 ETH ($1.1 million).
People were somewhat split on whether this could be classed as a vulnerability in the $APE airdrop, since (as with many crypto hacks and scams) the person was operating completely within the rules set out in code.