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Upbit, a leading cryptocurrency exchange in South Korea, has recently made a notable advancement by restoring deposits and withdrawals for Aptos (APT). This progress follows a careful resolution of an issue that had initially resulted in the incorrect identification of a fraudulent APT token as legitimate.
On September 24th, Upbit unexpectedly decided to suspend services related to the Aptos token, citing an “abnormal deposit attempt” as the cause for this abrupt halt. This action prompted a comprehensive review of the exchange’s wallet system to identify the underlying issue.
The inquiry uncovered that the problem stemmed from a newly created counterfeit APT token, which was cleverly disguised as a legitimate token under the name “ClaimAPTGift.com.” Alarmingly, this fraudulent token had infiltrated around 400,000 Aptos wallets within just three days of its inception on September 21st.
This deceptive token was part of a typical token airdrop scam tactic, where unsuspecting users receive tokens that include embedded links directing them to phishing sites. Unfortunately, Upbit’s oversight in conducting a thorough source code verification of these bogus tokens resulted in their misidentification as real Aptos tokens. Numerous users in Korea reported receiving APT tokens without initiating any corresponding transactions, according to a user account from Definalist.
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Addressing the oversight, Upbit acknowledged, “It appears that during the process of reflecting $APT coin deposits, there was a failure to verify the type arguments, and all the same function transfers were recognized as the same APT native token.” This lapse allowed users who had sold counterfeit APT tokens to withdraw significant amounts from the platform.
In response, Upbit’s customer support has begun efforts to recover funds from users who inadvertently participated in transactions involving the counterfeit APT tokens. The exchange has implemented prompt corrective actions, and as of September 24th at 11:00 pm local time, Upbit announced the resumption of deposits and withdrawals following a comprehensive wallet inspection.
In a reassuring announcement, Upbit stated, “The action against the abnormal deposit attempt has been completed, and there is no issue with your Aptos transaction.” However, it also warned users about possible delays in transaction processing and temporary price fluctuations regarding APT tokens in comparison to other exchanges.
APT is trading at approximately $5.31 over the last 24 hours. However, on Upbit, the price of APT is around $5.56, according to CoinGecko. The exchange’s prompt response to this incident reflects its dedication to preserving the security and integrity of its services, thereby reassuring its user base.
The post Upbit Resumes Aptos Services After APT Token Scam Saga appeared first on BitcoinWorld.
