APT token scam recently caused temporary shutdowns of services on the Korean exchange Upbit. The counterfeit coin, designed to deceive users into thinking it was an authentic version of Aptos, was deposited and cashed out by some users. The token originated from the airdrop scam site ClaimAPTGift.com and is held by around 400,000 wallets.
Bug in Upbit allows fake tokens
One user on X (formerly known as Twitter) pointed out a bug on Upbit that allowed the exchange to accept the fake tokens due to an oversight in verifying type arguments during the deposit process. Checks that should differentiate tokens were not thoroughly carried out. This oversight in the verification process led to the APT token scam affecting Upbit and its users.
Decimal difference prevents market disruption
Despite the misfortune, the scammer’s token’s decimal difference from the native token prevented significant market disruption. Users could have been credited ten times their expected value if not for this decimal difference. This fortunate occurrence ultimately saved the market from potential chaos due to the APT token scam.
Upbit temporarily suspends deposits and withdrawals
In response to the APT token scam, Upbit temporarily suspended deposits and withdrawals for the affected token. This measure was taken to protect users from further losses and to investigate the issue thoroughly. During this time, Upbit worked on fixing the bug and ensuring that such incidents would not happen in the future.
Services resumed by Sunday night Korea time
Upbit was able to resolve the issue and resumed services for the token by Sunday night Korea time. This quick response and resolution demonstrated the exchange’s commitment to addressing the APT token scam and ensuring the security of its users.
Lessons from the APT token scam
The APT token scam serves as a reminder for users and exchanges alike to be vigilant in verifying the authenticity of tokens and the sources from which they are obtained. Scammers are constantly on the lookout for vulnerabilities in systems and processes, and it is crucial for all parties involved to stay updated on the latest security measures and best practices.
Conclusion
The APT token scam on Upbit highlights the importance of thorough verification processes and the need for constant vigilance in the world of cryptocurrency. While the decimal difference prevented significant market disruption this time, it serves as a warning for users and exchanges to be cautious and proactive in ensuring the security of their assets. As the cryptocurrency market continues to grow, it is essential for all parties to work together to prevent scams and protect the integrity of the market.
