Experts warn of the danger of an attack on the APT cryptocurrency

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Expert Colin Wu reported that Aptos’ ill-conceived plan to give away the APT cryptocurrency for free led to a sharp drop in prices on the world’s centralized exchanges. He noted that the study by the X-explore team showed that there were 28,000 registered users on the Binance trading platform who deposited 16.3 million APT. Analysts noted that there is a high probability of a Sybil attack, a type of peer-to-peer network hack that causes the victim to connect exclusively to hosts controlled by attackers.

The fact is that large APT holders held about 40% of all coins circulating in circulation, namely about 6.3 million. It was stated that many addresses controlled more than 50,000 APT. According to a post by Wu Shuo on Twitter, there was a huge crypto sell-off on Binance after the launch of Aptos. For example, someone placed an order to sell 189,567 APT at $13.

According to the analyst, Aptos’ airdrop marketing plan was too hasty. The giveaway release time was set prior to launch on major marketplaces, and recipient addresses were not verified. This has led some to become owners of a large amount of crypto assets fraudulently.

X-explore analyzed the source of funds of all Aptos deposited on Binance and noted that most of them were sent from strange wallets that have accumulated significant amounts of APT.

Potential profits for the sellers could be more than $50 million if they sell their assets at the same time. This would be disastrous for the price of the cryptocurrency given the current liquidity.

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