Had Stopped Aptos Deposit, Now Upbit Users Can Deposit APT Tokens Again

Upbit crypto exchanges detected fake Aptos tokens entering their platform. (Photo; Doc. Cryptotimes)

JAKARTA - Upbit, South Korea's largest crypto exchange, has resumed its deposit service and withdrawal of the Aptos token (APT) after abruptly halting service due to a security incident on the Upbit platform itself.

In a statement issued on Saturday, Upbit revealed that it had detected "unnormalized deposit efforts" during Aptos transaction monitoring. Quick action was taken to check their wallet system, and Upbit confirmed that the stability of Aptos deposit and withdrawal services had recovered, as well as actions had been taken against the suspicious activity.

This incident caught the public's attention when a number of Upbit users reported unauthorized deposits from tokens similar to Aptos (APT) on their accounts. However, after further investigations, it turns out that this is a "fraud" token known as ClaimaPTGift. Upbit's customer service has moved quickly to contact users who have sold these fake tokens, asking for a refund.

Definalist, a user, revealed that the root of the problem lies in the Upbit wallet system that fails to verify token types correctly. This system should be able to distinguish between the original Aptos token and other tokens in the same ecosystem, but this error causes all tokens sent via certain functions to be considered Aptos tokens.

Fortunately, the severity of this incident was reduced as this scam token had six decimal numbers, while the original Aptos token had eight decimal numbers. If both had eight decimals, users could have received and even sold them at a price of 25,000 (Rp384 million), not 250 (Rp3.8 million), which could potentially disrupt the market seriously.

Upbit also warns users to pay attention to price differences with other exchanges as they resume trading. They admit that prices can fluctuate significantly due to this incident.

APT prices surged by about 9% after the incident, and remained up 6% on Monday. Upbit explained that any delay in reflecting deposits and withdrawals will depend on block processing status, and transactions will resume sequentially when the block is complete.