Upbit Resumes Aptos Transactions Following Scam Token Issue Resolution
Summary:
South Korea's Upbit cryptocurrency exchange has resumed deposits and withdrawals of Aptos (APT) following a scam token issue. The service disruption stemmed from a fraudulent APT token circulated to Aptos wallets, which Upbit initially identified as genuine, allowing users to profit from selling the counterfeit tokens. After correcting the verification issue and conducting a thorough wallet inspection, Upbit has fully restored its services, with the caveat of potential processing delays and temporary price fluctuations.
After addressing a scam token issue, South Korea's Upbit cryptocurrency exchange has reestablished deposits and withdrawals of Aptos (APT) tokens. The service was unexpectedly halted on September 24 due to an unusual deposit attempt, leading to a comprehensive examination of the wallet system. The issue seems to have originated from a counterfeit APT token named "ClaimAPTGift.com" that was circulated to 400,000 Aptos wallets after its inception on September 21.
This fraudulent token, which mirrors a typical token airdrop scam, tricks users into visiting phishing websites by embedding links into the airdropped tokens. It is believed that due to Upbit's failure to accurately validate the source code of the deceptive tokens, the exchange mistook the scam tokens for genuine Aptos tokens. This allowed users to deposit the counterfeit tokens on Upbit and exchange them for Aptos' market value, as highlighted by user Definalist.
According to reports, this malfunction allowed several users to profit. In response, Upbit’s customer service centre is now contacting those users who sold the counterfeit APT tokens to request reimbursement.
The problem is now resolved. As of 11:00 pm local time on September 24, Upbit confirmed it had recommenced withdrawals and deposits after a thorough inspection of the wallet. In a released statement, they assured customers that the issue with the unusual deposit attempt has been rectified and Aptos transactions are now safe.
However, the exchange cautioned that there might be delays in handling withdrawals and deposits. Plus, there might be temporary price variations in APT tokens compared to other exchanges. Currently, APT's trading value is $5.31 over the past 24 hours, but on Upbit, the price is about $5.56, as per CoinGecko's data.
Published At
9/25/2023 2:19:26 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.