Aptos Foundation introduced over 20 million APT tokens airdrop to its early testnet customers. However, the airdrop induced the APT costs to plummet after Sybil addresses deposited numerous APT tokens on Binance. According to X-explore, Binance recorded 28,000 customers who deposited 16.3 million APT tokens, with the Sybil handle accounting for almost 40%.
Sybil Attack Risk on Aptos
Aptos Foundation on Wednesday announced that 20,076,150 APT tokens can be airdropped to 110,235 members. The tokens had been solely distributed to customers who accomplished an “application for Aptos Incentivized Testnet or minted an APTOS:ZERO testnet NFT.”
WuBlockchain in an earlier tweet reported that the dearth of anti-Sybil assault safety for airdrop by Aptos Foundation induced some folks to get numerous APT tokens. A Sybil handle even offered 189,567 APT straight on Binance. It resulted within the APT token worth to fell from $15 to beneath $13, later it fell to beneath $7.
According to further analysis by X-explore, Binance had 28,000 customers who deposited 16.3 million APT tokens, with the Sybil handle accounting for almost 40%.
The deposits saved reducing, however the ratio of Sybil addresses to abnormal customers’ deposits remained the identical. In truth, the Sybil addresses account for over 65% of complete deposits. Also, 7 massive Sybil addresses account for over 50,000 APT on Binance.
Furthermore, the staff discovered a correlation between APT worth on Binance and the amount of deposits. The APT worth fell to a low of $6.7 on account of large deposits by airdrop addresses. Thus, it induced selling pressure on the APT price throughout the early days of the launch regardless of curiosity from the group.
Users Criticized APT Tokenomics
Several customers criticized Aptos for its APT tokenomics and for controlling the vast majority of the token provide. According to the Aptos Foundation, 51.02% of APT tokens will likely be distributed to the group, 19% to core contributors, 16.50% to the muse, and 13.48% to traders. In explicit, customers had been disillusioned with the four-year lock-in interval.
At the time of writing, the APT worth is buying and selling at $7, up almost 1% within the final 24 hours. The 24-hour high and low are $6.83 and $8.38, respectively.
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