Upbit Resumes APT Token Deposits and Withdrawals Following Scam Airdrop

Upbit Resumes APT Token Deposits and Withdrawals Following Scam Airdrop

UTC by Mayowa Adebajo · 2 min read
Upbit Resumes APT Token Deposits and Withdrawals Following Scam Airdrop
Photo: Depositphotos

Though Upbit quickly moved to halt deposits and withdrawals, that decision came after the fake APT token had already made its way into 400,000 Aptos wallets.

Upbit, the largest cryptocurrency exchange in South Korea, has resumed withdrawals and deposits of the Aptos (APT) token. This follows an earlier decision by the exchange to freeze deposits shortly after noticing what was an unusual amount of deposit attempts. According to a Sunday statement, Upbit’s system mistook a newly created fake APT token called “ClaimAPTGift.com” as the legitimate one. Though it quickly moved to halt deposits and withdrawals, that decision came after the fake APT token had already made its way into 400,000 Aptos wallets.

Although the exchange made light of the issue, an analysis by MingMingBBS, which was shared by the Twitter account Definalist, suggests that the impact could have been worse.

The writing in the fake APT tokens code reportedly led to a deposit of about $250 in affected accounts. But Definalist insists that the scammers could have written the code to include two extra zeros. Thereby, increasing the amount of airdropped to $25,000 each.

Upbit Fixes the Situation with APT Tokens but Warns Users about Expected Issues

By 11:00 pm local time on the same day, the company announced that it had fixed the issue. That was after completing its wallet inspection. The statement reads:

“The action against the abnormal deposit attempt has been completed, and there is no problem with your Aptos transaction.”

Meanwhile, the exchange has also warned its users about expecting a smooth resumption of its deposit and withdrawal services. Firstly, Upbit explains that they may experience processing delays on whatever transaction they want to carry out. The exchange also noted that users may experience pricing differences when interacting with other exchanges. According to Upbit, the pricing fluctuation is likely to occur as a result of price changes that happened during the freeze.

As of publication, the APT token currently stands as the 38th largest token in terms of market capitalization, which is a little above $1.2 billion. Per CoinMarketCap data, APT is up 9.35% in the last 24 hours and currently trades at $5.64.

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