Aptos Token Temporarily Shuts Down Upbit Exchange
The Aptos token, a counterfeit coin designed to deceive users, caused a temporary shutdown of services on the Korean exchange Upbit. Some users were able to deposit and cash out the fake token, leading to concerns about its authenticity. Data shows that approximately 400,000 wallets hold this token, which originated from the scam site ClaimAPTGift.com.
Bug in Upbit’s System Enabled Acceptance of Fake Tokens
A bug on Upbit’s platform allowed the exchange to accept the counterfeit tokens without thoroughly checking their source code. This bug was highlighted by a user on Twitter. During the deposit process of $APT coins, there was an oversight in verifying type arguments, causing all transfers to be identified as native APT tokens. This breach in standard protocols could have led to significant market disruption if not for the decimal difference between the scammer’s token and the native token.
Resumption of Services on Upbit
Although deposits and withdrawals were temporarily suspended, Upbit resumed services for the Aptos token by Sunday night Korea time. The exchange stated that it had addressed the issue and taken necessary steps to ensure the security of its users’ funds.
Hot Take: Narrowly Avoiding a Market Incident
The incident involving the counterfeit Aptos token on Upbit highlights the importance of thorough verification processes and security measures in crypto exchanges. While Upbit was able to resume operations without any major disruptions, this incident serves as a reminder for both exchanges and users to remain vigilant against potential scams and vulnerabilities in the crypto space.
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