March 28, 2024
South Korea's Upbit Halts Deposits and Withdrawals Amid Mistaken Identity of Phony Aptos Token
Latest Cryptocurrency News

South Korea’s Upbit Halts Deposits and Withdrawals Amid Mistaken Identity of Phony Aptos Token

The most centralized crypto exchange in South Korea, Upbit, has temporarily stopped deposits and withdrawals after mistaking a phoney Aptos (APT) token for a real one.

According to a statement, the freeze was initiated on Sunday after Upbit identified an “abnormal deposit attempt” while keeping track of APT movements into and out of its wallet system. Since the suspension, the firm has resumed account services, although users have been warned that there may be price variations when engaging with other exchanges.

“There is a possibility that the price may change drastically when [APT] deposits and withdrawals resume. Please pay special attention to the price differences with other exchanges that occurred during the suspension of [APT] deposits and withdrawals,” the statement stated.

According to Twitter user Definalist, UpBit’s problems were caused by a system fault that interpreted a set of airdropped scam tokens to look the same as real ones. According to TraceMove, the user claimed that the fake tokens were airdropped into nearly 400,000 wallets by a website called “ClaimAPT.com,” which was a hoax.

According to an investigation by MingMingBBS that was posted by the Twitter account Definalist, UpBit’s system reportedly mistakenly detected the fake tokens as real ones due to a typo in the code.

Definalist claimed that had the con artists written the code to add two more decimals and raise the amount airdropped to $25,000 per, the deposit of roughly $250 into the affected accounts might have been much worse.

“If the scam token had a decimal of 8, all users would have received $25,000 instead of $250, leading to thousands of users dumping $25,000 worth of APT, causing significant disruption,” Definalist wrote in a tweet.

According to Coingecko data, the APT token presently has the 38th greatest market capitalization at slightly over $1.2 billion, with over $107 million in daily trading volumes.

Image: Wallpapers.com

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