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HomeCrypto NewsMarketMysterious Batch of Aptos (APT) Tokens Minted on Ethereum And Binance Chain

Mysterious Batch of Aptos (APT) Tokens Minted on Ethereum And Binance Chain

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A fresh mysterious batch of Aptos (APT) tokens have been recently minted across multiple chains, including ETH and BSC.

The team behind the Aptos project has not witnessed the envisioned reception from the crypto community following the launch of the Aptos (APT) token. The advent of the token has been riddled with a massive epidemic of FUD influenced by worrisome factors surrounding the launch and the airdrop.

These concerns have led to selloffs that have negatively impacted the price of the asset. Nevertheless, it appears the FUD is far from reaching its terminus, as a recent occurrence has precipitated new concerns relating to the project.

It appears an unidentified entity has created a batch of numerous APT tokens across several chains, as detected and reported by blockchain security firm Peck Shield. The chains that have so far welcomed this new batch of APT include Binance Smart Chain (BSC), Ethereum (ETH), Arbitrum (ARB) and Fantom (FTM); with BSC and ETH seeing the majority of tokens.

“#PeckShieldAlert PeckShield has detected a batch of #APTOS #APT are newly created on multichains e.g. Ethereum and BSC,” Peck Shield disclosed in a tweet Wednesday, reporting the development.

Furthermore, it was also revealed that the majority of the newly-created APT tokens do not have trading pairs yet at the time of reporting. Additionally, one of the tokens’ contract 0xa4ceacd24ac61cc9bd434710cdb7a9cb078e9eed appears to be a honeypot. This should intensify the sense of vigilance already felt among proponents.

Considering the recent storm of scams ravaging the crypto community, and the lack of security awareness from the Aptos team, these newly-created tokens have been summarily tagged by many as part of a broader scam stratagem from unscrupulous individuals.

The existence of a honeypot amongst the contracts further confirms this assertion. A honeypot is a smart contract with more than one vulnerability used by bad actors to lure victims into losing their funds. 

The originator exposes one vulnerability which lures the arbitrary user (victim) into putting their funds to exploit the exposed vulnerability. The funds are subsequently locked and milked through other vulnerabilities the victim remained oblivious of.

The information from Peck Shield’s recent report has contributed to another wave of uncertainty amongst APT holders. Several proponents, replying to the Peck Shield tweet, have advised the community to short the asset as they envision a likely crash.

Notwithstanding, all these are indeed speculations at this time, and the fate of APT remains unknown amidst these unpropitious conditions. Peck Shield highlighted that the asset had already shed 33% of its value at the time of the report.

Recall that the asset came off to a challenging start following its launch. The Crypto Basic recently shared insight on the possible causes of the project’s woes which include a lack of proper security awareness regarding its airdrop, as the team launched an airdrop without provisions of a Sybil attack protection.

As a consequence, several users resorted to selloffs the minute they could trade off their holdings. A user previously sold over 189K APT, causing a massive negative impact on the asset. In addition to this, the chain appears to be delivering less than promised, as the community witnesses a discouraging average of 4 TPS, as opposed to the expected 100K TPS. 

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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