The Real (and Alarming) Reason Behind the Aptos Pump

The Real (and Alarming) Reason Behind the Aptos Pump

Time Stamp: February 4, 2023 6:22 PM
Source Node: 1939425
  1. Aptos has been on a meteoric rise for the last 10 days.
  2. South Koreans are the ones pumping the price of APT.
  3. Buyers believe owning Aptos tokens is tantamount to owning an apartment unit later on.

Aptos (APT) has seen a meteoric rise in the last 10 days or so. CNL reported that this was due to South Koreans on a buying spree. However, the reason why this is happening has not been disclosed.

That is, until today.

Alex Shin, founder of crypto venture capital firms based in South Korea, posted a tweet in which he explained the ongoing Aptos craze. 

As mentioned in the tweet, South Koreans are being led to believe that owning Aptos tokens is tantamount to owning an apartment in the future. Hence, many South Koreans are buying APT thinking that its token is dirt cheap in contrast to buying an apartment unit via cash.

What is worse, some people are knowingly spreading this disinformation within their community for malicious purposes.

CNL reached out to the one who posted the screenshot for more details. The person has yet to respond.

Aptos reached its all-time high (ATH) price of $19.92 just 9 days ago at the time of writing. Most of the price pump came from South Korean exchanges like Upbit and Bithumb, as reported by CNL.

Cryptocurrency trading is allowed in South Korea, although there are a lot of differences in the setup as compared to trading in other countries. One example is the popular term kimchi premium, where the price of a token does not coincide with its average price due to remittance-related policies — which others are exploiting for their gains. For instance, the price of a bitcoin (BTC) in Binance may be at $23,400 right now. Meanwhile, each BTC may be worth $35,000 in a South Korean exchange.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.

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