Airdrops, bad tokenomics and bots: Why Aptos (APT) crashed on launch

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Aptos APT

Major exchanges, including Binance, FTX, and Huobi, listed Aptos (APT) after its official launch on October 18.

Within six hours after its exchange debut, Aptos' APT token tanked 50%, with Crypto Twitter sharing opinions on how the project is full of questionable tokenomics.

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Aptos (APT) is a layer 1 blockchain that aims to compete with Solana.

Aptos (APT) airdrop chaos

Crypto investors are questioning Aptos' dubious tokenomics and airdrop, claiming that the token's launch was sceptical, to begin with.

According to data acquired from Wu Blockchain, the airdrop launched without an anti-Sybil attack system.

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Due to a lack of security, traders hoarded large quantities of APT tokens by creating multiple Aptos user accounts and then dumped their airdropped tokens on the market.

Wu Blockchain further reported how one user was selling 189,567 APT tokens on Binance. The token, at present, is trading at an all-time low of $8.95.

Aptos (APT) tokenomics

Due to APT's unfair token distribution methods, which the platform disclosed on Tuesday, Aptos was severely criticised by multiple crypto investors on Twitter.

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On October 18, Aptos published a summary of its token distribution, outlining the fact that nearly 190 million tokens out of its 1 billion supply will be held by core team members and private investors.

The Aptos Foundation further stated that the tokens held by its core contributors will stay locked for four years.

The matter escalated on Twitter, with crypto investors criticising Aptos' decision to control the majority of the token supply.

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The Aptos Foundation is made up of former Meta employees. According to its CTO, Avery Ching, Aptos was launched to compete with networks like Solana.

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