Upbit Successfully Resolves Counterfeit Aptos Token Dilemma

Upbit, a cryptocurrency exchange based in South Korea, has reopened trading, deposits, and withdrawals for Aptos (APT) tokens. This move follows the resolution of a recent issue where the platform mistakenly validated a fraudulent APT token as legitimate. 

On September 24th, Upbit suspended its Aptos services as around 400,000 Aptos wallets had been affected by the introduction of a counterfeit APT token called "ClaimAPTGift.com." This deceptive token was disseminated as part of a token airdrop scam aimed at directing users to phishing websites.

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The issue was worsened by Upbit's failure to adequately validate the source code of the received tokens. This oversight led the platform to consider the fraudulent tokens as genuine Aptos tokens. As a result, some users were able to sell these fake tokens and withdraw funds. 

Upbit has since resolved the problem and reopened its Aptos token services, as confirmed in an official statement that noted:

The action against the abnormal deposit attempt has been completed, and there is no problem with your Aptos transaction.

However, the platform also cautioned that customers might experience delays in deposits and withdrawals and some temporary price fluctuations for APT tokens compared to other crypto exchanges.

While Aptos tokens currently have a market value of approximately $5.40, they are trading on Upbit for around $5.56. The crypto exchange's customer center has also started to contact users who profited from the sale of the fake Aptos tokens to initiate refund procedures.

With the resumption of Aptos trading, Upbit has shown quick action in addressing vulnerabilities in its system, thus underlining its commitment to customer security and market integrity.

In other Upbit news, the crypto exchange surpassed Coinbase and OKX in spot trading volumes in August.

Gile K., Market Sentiment Analyst

Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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