Aptos' $195M Token Unlock on Dec 12 Sparks Crypto Caution

On the brink of a significant event in the cryptocurrency world, Aptos, a renowned Layer 1 blockchain, is gearing up for a major token unlock. Scheduled for December 12, this event will see the release of 24.8 million APT tokens, a considerable 8.9% of its current circulating supply, valued at a striking $195 million.

Timeline of Aptos

Since the second week of October, there was a noticeable surge in demand for Aptos' native cryptocurrency APT. This increased interest led to a robust phase of Total Value Locked (TVL) growth.

In a recent conversation with crypto analyst Scott Melker, Mo Shaikh, the CEO and co-founder of Aptos (APT), outlined three pivotal factors that could usher in a new era of mass adoption for cryptocurrencies. Shaikh believes these elements can potentially attract a billion new users to the digital asset landscape.

The co-founder of Aptos (APT) is weighing in on what developments in the digital assets space could attract the next wave of mass adoption. In a new interview with crypto influencer Scott Melker, Aptos CEO and cofounder Mo Shaikh says that three main things could result in a billion new users flooding the space.

According to TokenUnlocks, a series of large-amount unlocks are slated for October, involving tokens like SUI, IMX, APT, APE, AXS and OP. The total unlock value for these tokens is estimated to exceed $174 million, a significant amount that could potentially impact the market dynamics of these assets.

South Korea's leading cryptocurrency exchange, Upbit , is reeling from a colossal security breach that has rattled the global crypto community. This unsettling incident came to light on a fateful Sunday when Upbit's vigilant security systems detected a fraudulent deposit that had infiltrated its platform.

South Korea's foremost cryptocurrency exchange, Upbit, has encountered a significant setback following the detection of a counterfeit deposit on its platform. A duplicitous group of scammers managed to present a sham coin as the authentic Aptos (APT) token, leading to one of the largest digital currency security breaches in modern history.

A fake token made to look like the real Aptos caused trouble on the Korean exchange Upbit. It made the APT token stop working for a bit because some people managed to put in the fake coins and take out real ones.

APT's on-chain metrics revealed low confidence in the bulls, hence low buying pressure. This could also be considered as a reflection of the weighted sentiment metric which has been hovering near its four-week low for since before mid-August.

Aptos total NFT trades count peaked at 5,751 in mid-June and recently dropped to single digit count. This underscored just how the slow market conditions have affected the network.

Aptos Labs launched the Aptos Assistant to increase the user experience for onboarding new web3 users. The tool, which is hoped to simplify entry into web3, connects web2 and web3 seamlessly for the common internet user and organizations alike.