South Korean crypto exchange Upbit has restarted deposits and withdrawals of Aptos (APT) after resolving an issue where a fraudulent APT token was mistakenly identified as legitimate.
On September 24, Upbit suddenly stopped all Aptos token services due to an “unusual deposit attempt,” leading to a comprehensive review of the wallet system.
The issue seemed to stem from a counterfeit APT token named “ClaimAPTGift.com,” created on September 21, and had infiltrated 400,000 Aptos wallets. This fake token is suspected to be part of a common token airdrop scam, in which users are given tokens that have links leading them to deceptive websites.
However, due to Upbit’s alleged failure to accurately verify the source code of the scam tokens, the exchange inadvertently accepted the fake tokens as genuine Aptos tokens. Several Korean users reported receiving APT without initiating any transfers themselves, as stated by an X user Definalist. This apparently allowed users who sold the bogus APT tokens to unlawfully gain funds. Upbit’s customer center has reportedly begun asking for refunds from users who sold the counterfeit APT tokens.
This problem has now been resolved. As of 11:00 pm local time on September 24, Upbit affirmed the resumption of deposits and withdrawals post the wallet review. “The action against the unusual deposit attempt has been completed, and there are no issues with your Aptos transaction,” it announced in a statement.
Nonetheless, the exchange alerted that delays in processing deposits and withdrawals could occur, along with possible transient price fluctuations in APT tokens relative to other exchanges.
Over the last 24 hours, APT has been trading at $5.31; however, the price of APT on Upbit is approximately $5.56, as reported by CoinGecko.
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