Aptos’s Chaotic Airdrop Plan Makes Sybil Address Nearly 40% On Binance

In the Binance User Aptos Source Report and X-explore APT Attack Analysis, 28,000 users have now deposited 16.3 million APT on Binance and the Sybil address is close to 40%, exceeding 6 ,3 million. There are 7 major Sybil addresses with over 50,000 APT each.

As updated in an earlier Coincu News article, on October 17, the Aptos modular public chain project officially launched the mainnet.

An abrupt airdrop on September 18 caused the network to undergo a massive sell-off after Binance went live (1am UTC on the 19th). Someone placed a sell order at 189,567 APT at $13. It is suspected that the project party or cheater did this.

In a recent report on Aptos source analysis on Binance by X-explore. As of 12:00 pm UTC on October 19, Binance has accumulated 28,000 users who have deposited over 16.3 million APT, of which market makers have deposited 4.12 million APT and deposit ratio identified as a witch address by X-explore is close to 40%, exceeding 6.3 million.

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Market makers’ deposits are mostly concentrated before opening and within an hour of opening.

Over time, the total deposits continued to decrease, but the ratio of witch addresses to the deposits of normal users remained essentially unchanged and witch users accounted for more than 65% of the total deposits. There are 7 major Sybil addresses with over 50,000 APT each.

APT experienced a steady decline after opening, dropping from $13 to a minimum of $6.7. This could be the ongoing selling pressure brought on by a large number of airdrop addresses.

Aptos airdrop operation was too rushed without any anti-fraud measures plus the airdrop time is set before the launch of the main exchanges resulting in a large number of sybil addresses flooding the exchange. transaction to sell coins and cash in the first time carrying Tokens.

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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