South Korean cryptocurrency exchange Upbit has resumed Aptos (APT) deposits and withdrawals following the resolution of an issue where fraudulent APT tokens were incorrectly identified as genuine transactions.
Upbit temporarily halted Aptos token services on September 24 due to suspicious deposit activities, which prompted the exchange to conduct a review of its wallet system.
The problem stemmed from a fake APT token called "ClaimAPTGift.com," which emerged on September 21 and made its way into approximately 400,000 Aptos wallets. This fake token may have been part of a typical token airdrop scam, where users receive tokens that contain links leading to phishing websites.
However, Upbit reportedly failed to adequately verify the source code of the fraudulent tokens, causing them to be mistaken for legitimate Aptos tokens. As a result, users who sold these fake APT tokens were able to withdraw their proceeds.
Upbit's customer support has initiated the process of seeking refunds from users who sold counterfeit APT tokens.
The issue has since been resolved, and as of 11 pm local time on September 24, Upbit confirmed the resumption of Aptos deposits and withdrawals after completing wallet checks. The exchange cautioned users that processing APT token deposits and withdrawals might experience delays compared to other exchanges and that APT token prices could experience temporary fluctuations.
While APT was trading at $5.31 in the last 24 hours, the price of APT on Upbit was approximately $5.56, according to CoinGecko.
