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Crypto Exchange Upbit Resumes Aptos Withdrawals After Resolving Scam Token Issue

South Korea Upbit

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Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

October 23, 2023

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South Korean cryptocurrency exchange Upbit has resumed Aptos (APT) deposits and withdrawals after a temporary halt prompted by a scam token infiltration.

On September 24, the Korean exchange abruptly paused Aptos withdrawals and deposits due to an “abnormal deposit attempt,” sparking an immediate investigation into their wallet system.

The issue stemmed from a newly created fraudulent APT token called “ClaimAPTGift.com,” which managed to infiltrate a staggering 400,000 Aptos wallets shortly after its inception on September 21.

This counterfeit token is believed to be part of a typical token airdrop scam, luring users with free tokens that contain malicious links redirecting them to phishing websites.

⚡️How did such a huge and foolish incident occur?

– It seems that during the process of reflecting $APT coin deposits, there was a failure to check the type arguments, and all same functions transfers were recognized as the same APT native token.
– Under normal circumstances,… https://t.co/CvDgTdqnGl pic.twitter.com/8gEx5YnOLH
— Definalist (@definalist) September 24, 2023

Upbit Recognized Fake Tokens as Real Aptos Tokens

Upbit’s mishap can be traced back to a reported failure in properly verifying the source code of these counterfeit tokens.

Consequently, the exchange erroneously recognized the fake tokens as legitimate Aptos tokens.

This error enabled users who sold the fraudulent APT tokens to profit at the expense of others.

In response, Upbit’s customer center has initiated the process of seeking refunds from those who sold the scam tokens.

Upbit Confirms Resumption of APT Deposits and Withdrawals

Upbit confirmed the resumption of deposits and withdrawals after completing a thorough wallet inspection on September 24 at 11:00 PM local time.

The South Koreane crypto exchange assured its users that their Aptos transactions were secure, albeit with potential delays in processing and temporary price fluctuations in APT tokens compared to other exchanges.

APT is currently trading at $5.44, up 6.54% in the last 24 hrs, as per CoinGecko data.

Upbit Lists GLMR

Korean crypto exchange has announced to add GLMR trading support, including the GLMR/BTC trading pair.

The platform will open up GLMR deposits later today, exclusively catering to deposits from the Moonbeam Network.

This announcement has had an immediate impact on GLMR’s value, as the token surged impressively to approximately $0.23, 35% increase in just the past 24 hours.