Upbit Suspends Deposits and Withdrawals After Mistaking Scam Token for Legitimate Ones
The largest centralized cryptocurrency exchange in South Korea, Upbit, temporarily halted deposits and withdrawals after mistakenly identifying a scam token as legitimate ones from Aptos (APT). The suspension occurred when Upbit noticed an “abnormal deposit attempt” while monitoring APT flows in and out of its wallet system. Although Upbit has resumed account services, users are advised to be cautious of pricing differences when trading on other exchanges.
System Error Misreads Airdropped Scam Tokens
A Twitter user named Definalist reported that Upbit’s system error misread a set of airdropped scam tokens as legitimate ones due to a typo in the code. The scam tokens were distributed through the fraudulent website “ClaimAPT.com” and ended up in nearly 400,000 wallets. An analysis by MingMingBBS, shared by Definalist, confirmed the misidentification caused by the code mistake.
Potential Consequences of the Code Mistake
The code error resulted in approximately $250 being deposited into affected accounts. Definalist highlighted that if the scammers had included two more decimals in the code, each account would have received $25,000 instead. This could have led to thousands of users dumping their APT tokens worth $25,000 each, causing significant disruption.
Hot Take: Impact on APT Token
The APT token currently holds the 38th largest market capitalization, valued at just over $1.2 billion with a daily trading volume of around $107 million according to Coingecko. While Upbit’s temporary suspension may cause some pricing differences on other exchanges, it is essential for users to remain vigilant and informed during the recovery process.
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