APT trading volume slumps 25% as exploiters seize Aptos Network Twitter account, details

Aptos Network is the subject of a new cyber-attack after bad actors took control of its Twitter account, baiting users with a purported airdrop with hopes of gaining access to their wallets. While the Aptos Foundation has been swift to warn community members, the negative sentiment is reflected in the Aptos 24-hour trading volume, which has slumped by a significant margin.

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Aptos Network Twitter account hacked

Aptos (APT) coin is suffering the brunt of panic after hackers took control of the network’s Twitter account. The Aptos ecosystem, comprising Aptos Labs, Aptos Foundation, and the Aptos Network itself,  has prompted APT holders and the entire user community to shun clicking any links as it could give the bad actors access to their private information.

Reportedly, the exploiter is advertising an airdrop revealed to be a scam and therefore bait that would give them access to user wallets. The fraudulent tweet, indicated below, advertises tokens to be claimed, indicating that upwards of $1,000,000 had already been grabbed.

Citing an excerpt from the fraudulent post:

More than $1,000,000 has been claimed already, but it's not too late! Any and everyone is eligible to go and claim APT on the Ethereum network. Time is running out, so hurry before the supply is depleted!

Note that this announcement keeps being updated with growing figures for appeal. 

As the alert continues to spread, Aptos Labs has assured users of the safety and smooth running of the Aptos blockchain as interventions are being made to regain control of the account.

Further, the bad actor is also reported to have commandeered the Twitter account of Aptos CEO Mo Shaikh, worsening the scam attempt as the exploiter is also touting the airdrop to the executive’s 24.5K followers.

The attack is easy to identify, considering the series of similar information posted within few minutes of intervals with a ‘clickbaitish’ appeal that investors are warned not to give in to.

Aptos Foundation has also headlined a warning on the website, informing community members that:

We’ve received official communication that the @Aptos_Network account on Twitter has been compromised. The latest tweet on the account regarding an $APT airdrop is fraudulent. Please DO NOT engage with these tweets or the link provided.

Aptos is a Layer-1 (L1)  blockchain designed for safe development and built with a special focus on delivering positive user experience. The news comes only five days after the decentralized finance (DeFi) Poly Network was hacked, causing a suspension of all activity to give way for investigations. Lookonchain, a crypto intelligence tracker, revealed that the exploiters sold large volumes of Shiba Inu (SHIB) in exchange for Ether (ETH). It points to a growing risk of cybersecurity attacks in the crypto industry, underscoring the need for market players to exercise vigilance to avoid falling victim. 

Aptos price declines amid falling trading volume

Aptos (APT) price is down almost 3% over the last 24 hours, alongside a slumping 24-hour trading volume that is already down 25%. The negative news has interrupted an attempted recovery rally for APT, indicated by the Relative Strength Index (RSI) headed downward to show falling momentum.

APT/USDT 1-Day Chart

The fall in trading volume comes as investors steady their hands, waiting for normalcy to restore in the Aptos Network. This slump is therefore expected and explained as a precaution among conservative traders, neither willing to buy or sell APT when bad actors are roaming the ecosystem.

FXStreet will bring you updates concerning the situation as they unfold.