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Upbit

Upbit’s Dark Hour: Fake APT Tokens Wreak Havoc In South Korea

Christian Encila
by Christian Encila
2 years ago
·
Posted in News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Upbit, South Korea’s largest cryptocurrency exchange, is reeling from a substantial security breach that has sent shockwaves through the cryptocurrency community. This incident unfolded after Upbit detected a fraudulent deposit that had been made using a cryptocurrency that was mistakenly identified as the legitimate Aptos (APT) token.

Upon closer investigation, Upbit’s security team uncovered a sophisticated scheme in which scammers had created counterfeit APT tokens. These fake tokens managed to trick the exchange’s system into recognizing them as genuine. 

Consequently, a large volume of these deceptive tokens was deposited into multiple user accounts through automated means. Astonishingly, more than 100,000 users found themselves in possession of these counterfeit APT tokens, all without having initiated any transactions themselves.

Upbit Unmasks The Scam Token

In a further twist, it was revealed that the tokens deposited were not in any way affiliated with the Aptos Network coin. Instead, they were part of a well-orchestrated scam token known as ClaimAPTGift. This revelation left the affected users in a state of bewilderment, as they believed they were holding APT tokens, only to discover that they were victims of an elaborate deception.

Related Reading: Bitcoin Next Moonshot? Santiment’s Intriguing Insights For Crypto Enthusiasts

In response to the breach, Upbit has taken swift action to rectify the situation. The exchange has assured its users that deposit and withdrawal services will be resumed once wallet maintenance is successfully completed. Furthermore, Upbit has pledged to process returns sequentially once deposit and withdrawal support is reinstated, providing some relief to the affected users.

Total crypto market cap hits $1.02 trillion today. Chart: TradingView.com

Upbit Commits To Secure Operations

Reports emerging from Korea indicate that numerous users have come forward, confirming that they received APT tokens without any action on their part. Upbit has expressed its sincere apologies for the inconvenience caused and has committed to returning to normal operations after the completion of the confirmation process following a thorough inspection.

Related Reading: $440 Billion Bloodbath Ahead? Crypto Guru Drops Shocking Alert

This security breach serves as a stark reminder of the persistent security challenges within the cryptocurrency sphere. As the cryptocurrency market continues to evolve and expand, exchanges like Upbit must remain vigilant against increasingly sophisticated scams and fraudulent activities. The crypto community will be closely monitoring Upbit’s response and any security enhancements implemented to prevent such incidents from recurring.

In light of this breach, cryptocurrency investors and traders are urged to exercise utmost caution and diligence when engaging in cryptocurrency transactions. The rapid ascent of cryptocurrencies has brought about both unprecedented opportunities and challenges, emphasizing the critical importance of safeguarding one’s assets in this digital age. 

Featured image from iStock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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