Upbit suspended withdrawal and deposit services for Aptos (APT) due to abnormal deposit attempts. The exchange warns of possible rapid price fluctuations during the resumption of Aptos deposits and withdrawals. Deposit return processes for cryptocurrencies have been temporarily stopped and will now be processed sequentially.
Cryptocurrency exchange Upbit has explained why it temporarily stopped withdrawals on the platform. It assured users that it has conducted a thorough review and is ready to resume its services.
“Steps have been taken to address abnormal deposit attempts and there are no issues with your Aptos transactions,” the statement notes.
The issue appears to have arisen from a new fake APT token called “ClaimAPTGift.com,” which reached 400,000 Aptos wallets after its creation on September 21.
The fake token was most likely part of a typical token distribution scam, in which users receive tokens containing links that take unsuspecting users to phishing websites.
However, Upbit’s lack of proper verification of the source code of the scam tokens reportedly led to the exchange recognizing the fake tokens as real Aptos tokens. Several Korean users reported that they had received APT without sending themselves any tokens, according to a post on X by user Definalist, dated September 24:
“How did such a huge and foolish incident occur?
– It seems that during the process of reflecting $APT coin deposits, there was a failure to check the type arguments, and all same functions transfers were recognized as the same APT native token.”
Cryptocurrency Exchange Stopped Withdrawals Due to Suspicious Transactions
Upbit recently announced that it has temporarily stopped deposit and withdrawal services to conduct an investigation into suspicious Aptos (APT) transactions within the platform:
“During the process of monitoring Aptos deposits and withdrawals (APT), abnormal deposit attempts were detected. As a result, we suspended deposits and withdrawals and performed a verification of the Aptos Wallet (APT) system.”
However, it quickly restarted services after warning users to remain vigilant. The statement emphasized that the resumption of services could cause significant price swings.
Upbit stated that users may also experience delays in deposit processing when the network restarts due to factors such as network congestion. However, it highlights the possibility of variations in the timing of transaction confirmations on the blockchain network and the timing of deposit reflection.
The problem has since been fixed. Starting September 24 at 11:00 p.m. m. local time, Upbit confirmed that it has resumed deposits and withdrawals after completing the wallet inspection.
“The action against the abnormal deposit attempt has been completed and there is no problem with your Aptos transaction,” Upbit says in a statement.
Aptos Grabs Recent Headlines
Aptos recently experienced a substantial price change following its partnership with Microsoft. The company announced on August 9 that it is partnering with Microsoft to help bring Web3 to the mainstream.
Shortly after the announcement, the APT price rebounded by 15%. However, it was unable to maintain its momentum and fell below its breakout level.
Meanwhile, FTX court filings suggested APT could face further liquidations. On September 11, reports indicated that the bankrupt exchange is expected to sell approximately $100 million in digital assets each week.
Shortly before this incident, news emerged about the hack of Aptos Labs’ official X (formerly Twitter) account.
On July 7, a tweet issued by a hacker invited Aptos followers to join an airdrop, assuring them that they could acquire APT tokens for free on the APT network.
By Leonardo Pérez
