Journalist
Posted:
- APT is up more than 5% in the last 24 hours.
- Most benchmarks and market indicators pointed to further price increases.
Aptus [APT] has recently fallen victim to fraud, which could have a negative impact on the token. Upbit, South Korea’s largest exchange, has identified fake APT tokens created by scammers as real APT tokens.
Read Aptos’ [APT] Price prediction 2023-24
After realizing the mistake, the exchange took measures to minimize losses and get things back to normal. While this had the potential to lower the price of APT, at the time of writing the opposite was happening.
Everything about the Aptos fraud
It seems that during the APT coin deposit process on Upbit, there was an error checking the type arguments, and all transfers with the same function were recognized as the same native APT token.
⚡️How did such a big and foolish incident happen?
– It seems that during the reflection process $APT when depositing coins, the type arguments could not be checked and all transfers of the same functions were recognized as the same native APT token.
– Under normal circumstances,… https://t.co/CvDgTdqnGl pic.twitter.com/8gEx5YnOLH— Definalist (@definalist) September 24, 2023
A major catastrophe was avoided because the original token had 8 decimal places, compared to the scammer’s 6 decimal places. If the scam token had a decimal of 8, all users would have received $25,000 instead of $250, which would result in thousands of users dumping $25,000 worth of APT.
Upbit stated in its official announcement,
“Due to the maintenance of the Aptos (APT) wallet system, we are suspending the Aptos (APT) deposit and withdrawal service. We will resume deposits and withdrawals once maintenance is complete, and we will update the service resumption via this notice.”
Aptos’ response is interesting
Although the episode raised alarms, APT’s response to it was not what many expected. According to CoinMarketCapthe price of APT has risen by more than 5% in the last 24 hours. This was accompanied by an 800% increase in trading volume, which was a positive signal.
At the time of writing, APT was trading at $5.44 with a market cap of over $1.2 billion. Thanks to the price increase APT became the talk of the town as the city’s social dominance increased, as did its positive sentiment.
One-week price volatility also shot up, increasing the likelihood of a sustained uptrend.
Source: Santiment
How many Worth 1,10,100 APTs today
Aptos market indicators were also bullish. For example, the Relative Strength Index (RSI) has risen in recent days. The token’s Money Flow Index (MFI) also followed a similar upward trend.
Additionally, APT‘s MACD clearly showed a bullish upper hand on the market, indicating that the possibility of a continued northward price move was likely.
Source: TradingView
