UpBit’s Aptos (APT) Debacle: System Error Sparks Crypto Chaos

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UpBit, South Korea’s largest crypto exchange, has caused a stir in the crypto community. Temporarily suspending Aptos (APT) deposits and withdrawals, it’s due to a system error crediting a scam token as genuine, as reported by multiple users.

The incident first came to light when X account Definalist blew the whistle on the issue, prompting UpBit to swiftly acknowledge the problem. In a public statement, the exchange revealed that their system had detected abnormal deposit attempts and, as a precautionary measure, suspended deposits and withdrawals while engineers worked tirelessly to rectify the error.

Source: X

The genesis of this crisis appears to be a malicious scam token that directed unsuspecting users to a fraudulent website called ClaimAPTGift.com. Astonishingly, blockchain data reveals that nearly 400,000 Aptos wallets received an airdrop of this deceptive token. A screenshot circulating on social media purportedly shows UpBit inadvertently crediting the fraudulent token as equivalent to the native APT token.

Source: X

Aptos Holders Anxious Amid UpBit Chaos

The repercussions of this technical glitch were immediate and profound. Within hours of the error becoming apparent, the price of APT on ByBit, another popular cryptocurrency exchange, skyrocketed by over 35%. However, this meteoric rise was short-lived, as the market corrected itself just three hours later, causing the price to plummet.

Aptos, which boasts the highest trading volume on UpBit in the last 24 hours, has long been a favorite among crypto enthusiasts. The sudden interruption of Aptos-related transactions on UpBit has left traders and investors on edge, uncertain about the fate of their holdings.

The crypto world now eagerly awaits UpBit’s resolution of this issue and an official explanation for the system error. As the industry grapples with the aftermath of this incident, it serves as a stark reminder of the volatility and vulnerability inherent in the world of digital assets.