{"id":22833,"date":"2023-09-25T02:34:03","date_gmt":"2023-09-25T02:34:03","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-exchange-upbit-stems-fake-apt-token-flood-resumes-services\/"},"modified":"2023-09-25T02:34:05","modified_gmt":"2023-09-25T02:34:05","slug":"crypto-exchange-upbit-stems-fake-apt-token-flood-resumes-services","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-exchange-upbit-stems-fake-apt-token-flood-resumes-services\/","title":{"rendered":"Crypto exchange Upbit stems fake APT token flood, resumes services"},"content":{"rendered":"
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South Korea cryptocurrency exchange Upbit has resumed Aptos (APT) deposits and withdrawals again after fixing an issue that saw a scam APT token incorrectly recognized as the real deal. <\/p>\n

On Sept. 24, Upbit abruptly halted Aptos token services after noting an \u201cabnormal deposit attempt,\u201d prompting an inspection of the wallet system. <\/p>\n

The problem appears to have originated from a newly created fake APT token called \u201cClaimAPTGift.com\u201d which had made its way to 400,000 Aptos wallets after its creation on Sept. 21.<\/p>\n

The fake token was likely part of a typical token airdrop scam, in which users are airdropped tokens that contain links pointing unsuspecting users to phishing websites. <\/p>\n

However, a reported failure by Upbit to properly verify the source code of the scam tokens led to the exchange recognizing the fake tokens as real Aptos tokens, allowing users to deposit them on Upbit and sell them for Aptos’ market price, according to X user Definalist. <\/p>\n

\u201cIt 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.\u201d<\/p><\/blockquote>\n

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\u26a1\ufe0fHow did such a huge and foolish incident occur?<\/p>\n

– It seems that during the process of reflecting $APT<\/a> 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,\u2026 https:\/\/t.co\/CvDgTdqnGl pic.twitter.com\/8gEx5YnOLH<\/a><\/p>\n

\u2014 Definalist (@definalist) September 24, 2023<\/a><\/p><\/blockquote>\n

This reportedly led to users being able to walk away with funds. Upbit\u2019s customer center has reportedly started to request refunds from users who sold the fake APT tokens.<\/p>\n

The issue has since been fixed. As of Sept. 24 at 11:00 pm local time, Upbit confirmed it has resumed deposits and withdrawals after completing the wallet inspection. <\/p>\n

Related: <\/em><\/strong>Aptos token rises 11.6% after Microsoft deal to marry AI with blockchain <\/em><\/strong><\/p>\n

\u201cThe action against the abnormal deposit attempt has been completed, and there is no problem with your Aptos transaction,\u201d it said in a statement.<\/p>\n

It however warned that there could be delays in processing deposits and withdrawals, and possible temporary price fluctuations in the APT tokens as compared to other exchanges. <\/p>\n

APT is currently trading at $5.31 over the last 24 hours, however, the price of APT on Upbit is around $5.56, according to CoinGecko.<\/p>\n

Price of the Aptos token, APT. Source: CoinGecko.<\/em><\/figcaption><\/figure>\n

Magazine:<\/em><\/strong> <\/em><\/strong>China\u2019s blockchain satellite in space, Hong Kong\u2019s McNuggets Metaverse: Asia Express<\/em><\/strong><\/p>\n<\/div>\n