South Korea’s Upbit experiences severe disruption due to fake APT tokens

Upbit, South Korea’s foremost cryptocurrency exchange, suspended each withdrawals and deposits of Aptos’ autochthonal token APT aft it was besieged by fraudulent activities involving counterfeit APT tokens connected Sept. 24.

The interruption of deposit and withdrawal services besides affected the deposit instrumentality process for the existent APT token and the fraudulent integer asset.

Upbit said it plans to resume deposit and withdrawal services erstwhile the wallet attraction is successfully completed and assured users that returns volition beryllium processed sequentially aft deposit/withdrawal enactment is reinstated.

Fraudulent tokens

Upbit discovered that scammers had generated fake APT tokens, which were past mistakenly identified arsenic morganatic by the platform’s system.

Following this, a important quantity of these spurious tokens were deposited into aggregate idiosyncratic accounts done automated means. More than 100,000 users were unwitting recipients of these tokens, claiming they received $APT without initiating immoderate transactions themselves.

The deposited tokens were not autochthonal to the Aptos Network coin but were a scam token known arsenic ClaimAPTGift.

Crisis response

Upon recognizing the crisis, Upbit promptly reached retired to users who had sold the fake APT tokens with refund requests, according to idiosyncratic reports.

The unexpected attraction was carried retired without explicit reasoning provided to the public, causing distress among the platform’s idiosyncratic base. There were reports of delays successful deposit processing owed to web congestion and different method disruptions.

Upbit conveyed apologies for the inconvenience caused and assured that mean processing would resume erstwhile the confirmation process was completed post-inspection.

Despite the swift response, assorted users took to societal media to explicit their dismay and interest implicit the incident.

The incidental has amplified the concerns regarding the information and reliability of integer plus exchanges, adjacent those considered arsenic standard-bearers successful the industry.

The station South Korea’s Upbit experiences terrible disruption owed to fake APT tokens appeared archetypal connected CryptoSlate.