Upbit scam token, the APT token, caused Korean exchange Upbit to temporarily halt its services after some users were deceived into believing it was an authentic version of Aptos. The counterfeit coin was deposited and cashed out by some users, leading to the shutdown. The APT token, which originated from the Upbit scam token site ClaimAPTGift.com, is held by approximately 400,000 wallets. A bug on Upbit allowed the exchange to accept the fake tokens because it failed to thoroughly check the underlying source code.
Despite the issues with the counterfeit APT token, the authentic Aptos’ APT token traded in the green on Monday, up 10% over the past 24 hours. In contrast, Bitcoin traded down almost 2% over the same time period. Chainlink’s LINK was the only other digital asset that gained on Monday, up 2% after a strong week last week. With few macroeconomic updates this week, the market is searching for signals to take a direction and has been moving fairly flat for some time now.
On Friday, a significant event is set to occur in the cryptocurrency market. Approximately 10% of the total are tied to bitcoin, while the rest are ether options. These derivatives contracts will be valuable or worthless depending on how the top two cryptocurrencies trade by the end of the week. Both seasoned traders and retail investors closely monitor monthly and quarterly options expiries, given their propensity to influence markets ahead of and following the settlement.
In the midst of these market fluctuations, Rollbit’s revenue from casino games, sportsbook, and futures trading has increased by 10% or more in the past 30 days. This growth occurred despite the downtrend in Rollbit’s RLB token, which decreased by 44% in the past four weeks. The DeFi investor expects the RLB price to eventually catch up to the fundamentals.
The incident serves as a reminder for users to be cautious and vigilant when dealing with digital assets, as scams and counterfeit tokens can cause significant disruptions and financial losses. As the market continues to search for direction, investors should keep an eye on the upcoming options expiries and other market-moving events to make informed decisions.
By doing so, they can protect their users and maintain trust in the rapidly evolving digital asset market.
In conclusion, the Upbit scam token incident serves as a cautionary tale for both cryptocurrency exchanges and users. The temporary halt of services on Upbit underscores the need for thorough security measures and code verification to prevent scams and counterfeit tokens from causing disruptions and losses. As the market looks for direction amid options expiries and other events, investors should remain cautious and vigilant to protect their investments and navigate the ever-changing digital asset landscape.
