Crypto Token From Ex-Meta Staffers’ Project Sinks About 50% (1)

The native token of a recently launched blockchain from Aptos Labs, a startup founded by ex-Meta Platforms Inc. staffers, sank on its debut after the crypto project became mired in controversy.

Aptos tumbled about 50% to $6.90 as of 12:26 p.m. in Tokyo on Wednesday, according to data from aggregator CoinGecko. Perpetual futures went live on exchanges like Binance and FTX, which allow investors to short the token, an outcome that could buffet the crypto project’s public profile.

Broader digital-asset markets were steady, with Bitcoin trading little changed at roughly $19,280 and Ether oscillating around $1,300.

Source: CoinGecko.

Aptos’s ...