Companies • September 24, 2023, 3:47PM EDT
Published 1 minute earlier on

Crypto exchange UpBit temporarily suspends Aptos withdrawals due to scam token bug

Read the non-AMP story on Theblock.co
The Block

Quick Take

  • UpBit, South Korea’s largest crypto exchange, temporarily suspended deposits and withdrawals of Aptos after its systems reportedly credited a scam token as legitimate. 
  • The exchange has since resumed normal operations.

UpBit, the largest crypto exchange in South Korea, halted deposits and withdrawals of Aptos (APT) due to a system error that credited a scam token as equivalent to legitimate Aptos tokens, according to user reports. 

UpBit acknowledged in a statement that its system detected abnormal deposit attempts and temporarily suspended deposits and withdrawals while it fixed the error, which was first reported by X account Definalist. 

The problem appears to have originated with a scam token directing users to a fraudulent website, ClaimAPTGift.com, which was airdropped to nearly 400,000 Aptos wallets, blockchain data show. A screenshot reportedly shows UpBit crediting the fraudulent token as the same as a native APT token. 

The technical issue led the price of APT to spike over 35% on ByBit before crashing back down three hours later. Aptos is the trading pair with the highest volume on UpBit in the last 24 hours, according to CoinGecko.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.