Crypto exchange Upbit stems fake APT token flood, resumes services

South Korea cryptocurrency exchange Upbit has actually resumed Aptos (APT) deposits and withdrawals once again after repairing an issue that saw a fraud APT token improperly acknowledged as the real offer. The phony token was likely part of a typical token airdrop scam, in which users are airdropped tokens that include links pointing unsuspecting users to phishing sites. A reported failure by Upbit to effectively verify the source code of the scam tokens led to the exchange recognizing the fake tokens as genuine Aptos tokens.

The phony token was likely part of a common token airdrop scam, in which users are airdropped tokens that include links pointing unwary users to phishing websites. A reported failure by Upbit to appropriately verify the source code of the rip-off tokens led to the exchange recognizing the phony tokens as genuine Aptos tokens. Related: Aptos token rises 11.6% after Microsoft offer to marry AI with blockchain “The action against the abnormal deposit effort has actually been completed, and there is no problem with your Aptos transaction,” it said in a statement.It nevertheless warned that there could be hold-ups in processing deposits and withdrawals, and possible temporary cost fluctuations in the APT tokens as compared to other exchanges.

This supposedly led to users who sold the phony APT tokens being able to walk away with funds. Related: Aptos token increases 11.6% after Microsoft offer to wed AI with blockchain “The action versus the unusual deposit attempt has actually been finished, and there is no issue with your Aptos deal,” it said in a statement.It nevertheless cautioned that there might be hold-ups in processing deposits and withdrawals, and possible short-lived cost variations in the APT tokens as compared to other exchanges. APT is currently trading at $5.31 over the last 24 hours, however, the cost of APT on Upbit is around $5.56, according to CoinGecko.Price of the Aptos token, APT.