In the world of digital assets, it’s not uncommon for malicious players to try and capitalize on unsuspecting users. We recently saw this played out in the case of South Korean cryptocurrency exchange Upbit where they resumed Aptos (APT) deposits and withdrawals following a temporary suspension caused by an imposter token infiltration.
On the 24th of September, Upbit ceased Aptos transactions because of an unusual deposit attempt which led to a swift enquiry into the integrity of their wallet system. This was in response to the intrusion of an artificial APT token named “ClaimAPTGift.com” into around 400,000 Aptos wallets after being created on the 21st of September.
This spurious token is thought to be a typical airdrop bait-and-switch, ensnaring people with the promise of free tokens that lead to phishing sites when clicked on. The key concern with Upbit’s situation lies in their failure to correctly validate the source code of these counterfeit tokens – this meant that the exchange mistook the fake tokens for genuine Aptos tokens. The result was some users able to sell the fraudulent APT tokens to others, potentially profiting from the scheme.
In order to rectify the mistake, Upbit’s customer service initiated a refund process for those who had unfortunately sold the counterfeit tokens. Upon a comprehensive examination of user wallets on the evening of September 24, Upbit reinstated APT deposits and withdrawals. They were keen to reassure users of the safety of their Aptos transactions, but did warn of possible delays in processing and temporary price fluctuations compared to other exchanges.
The saga with Aptos may have made emphasis on the dark underbelly of thriving crypto market. On the flip side, it also underlines the resilience of crypto exchanges such as Upbit who can respond quickly to emerging security threats.
In other news, Upbit has just confirmed their plans to support GLMR trading, including the GLMR/BTC trading pair. This decision is expected to attract deposits specifically from the Moonbeam Network and has already had a positive effect on the value of the GLMR token. In another blow to skeptics, this move displays the robustness of the global crypto market in continuing to push forward, despite minor setbacks. The digital future continues to emerge, both threatening and promising.
Source: Cryptonews
