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This Is What Caused Aptos (APT) Massive Plunge on Market

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Single person was able to ruin $APT start on the crypto market due to poor Sybil attack protection

. X-explore research showed that out of 16.3 million APT deposited on Binance, 40% were sent from a single entity represented by seven large Sybil addresses.

As the explorer data suggests, the aforementioned seven addresses had more than 50,000 APT on each. The owner of those wallets is most likely a single person who conducted the Sybil attack and then sold the tokens on the market.As Binance's orderbook suggests, the attacker sold stolen funds with a single order worth approximately 180,000 APT or $2.5 million, considering the price at that time. It is not clear if the order was filled completely.

Unfortunately, the attacker could launch another wave of selling pressure on APT at almost any point, considering the amount of tokens he has in the remaining wallets. Luckily, centralized exchanges will most likely flag the aforementioned

 

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