Aptos Seriously Crashes 190,000 APTs Sold On Binance

Aptos faced a serious problem when it was rushed to issue an airdrop without measures to prevent attacks. A $13 pending order sold 189,567 APTs and made a profit of $2.46 million. The price of APT was directly broken from $15 to below $13.

According to a source from Wu Blockchain, Aptos is currently experiencing a big shock right after listing on Binance. Someone unexpectedly sold 189,567 APT directly on Binance, resulting in APT prices ranging from $15 to under $13.

The issue may have been caused by the rush to announce the airdrop plan, but it is suspected that there is no way to prevent sybil attacks on the nodes, and some people may have obtained a large number of airdrops.

The current price is around $9, which is quite volatile. According to Coingecko data, the current trading volume of APT is around $202 million, with Binance accounting for the largest amount around 48% of the trading volume.

On October 17, Aptos officially launched its own mainnet. However, the action received a lot of criticism from the community when the developers did not give much information about the status of the mainnet’s operation, as well as the schedule of opening the blockchain to the public (not announcing the network’s RPC). The ecosystem is also not live yet, with a lot of wallet projects, exchanges, DeFi, and NFTs yet to launch. The native coin itself, APT, has not been released yet.

The processing speed of 4 transactions / second, even though the previous promise of numbers up to hundreds of thousands, also disappointed users. In addition, Aptos’ Discord channel has also been turned off chat when there are too many questions from users about how to use the network.

Besides, alarming information that more than 80% of the total APT supply is being held by investors or project team also causes confusion in the community. Because of the above reasons, many famous KOLs on Twitter have started mocking Aptos with the new name “Craptos”.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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