Upbit Resumes Aptos Deposits and Withdrawals After Fraudulent Token Issue
South Korean cryptocurrency exchange Upbit has resolved an issue that allowed a fraudulent APT token to infiltrate over 400,000 Aptos user wallets. The exchange had temporarily suspended all deposits and withdrawals of the APT token after discovering the scam on September 24. The problem arose from a fake APT token called ClaimAPTGift.com, which was likely part of an airdrop scam. Upbit’s systems failed to verify the source code of the scam tokens, leading to the exchange mistaking them for real ones.
Action Taken by Upbit
Upbit’s customer center has started requesting refunds from users who sold the fake APT tokens, aiming to recover the funds that were taken. However, this unexpected action caused confusion and distress among users as they were not adequately informed beforehand. There were also reports of delays in processing deposits due to technical disruptions and network congestion.
Resolution and Current Status
Upbit announced that it fixed the issue on September 24 at 11:00 pm local time and resumed deposits and withdrawals after completing wallet inspections. The exchange assured users that there are no longer any problems with their Aptos transactions. However, it cautioned about potential delays in processing transactions and temporary price fluctuations compared to other exchanges. Currently, APT is trading at approximately $5.31 over the past 24 hours, while on Upbit, it is around $5.56.
Hot Take: Upbit Takes Swift Action Against Fraudulent Token
The swift response from Upbit in resolving the fraudulent APT token issue demonstrates its commitment to maintaining the security and integrity of its platform. By identifying and addressing the problem promptly, Upbit has protected its users from potential financial losses. However, the lack of prior notification and delays in processing deposits caused inconvenience and confusion for some users. Moving forward, it is crucial for Upbit to improve communication with its users during unexpected maintenance or security incidents to minimize disruptions and enhance user experience.
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