UpBit is currently suspending Aptos withdrawals owing to an issue involving a fraud token

The biggest cryptocurrency exchange in South Korea, UpBit, has temporarily halted deposits and withdrawals of Aptos after it was discovered that its systems had allegedly credited a fraudulent token as authentic.

According to user complaints, the leading cryptocurrency exchange in South Korea, UpBit, suspended deposits and withdrawals of Aptos (APT) owing to a system issue that credited a scam token as comparable to authentic Aptos tokens. This caused UpBit to credit the scam token with the same value as legal Aptos tokens.

UpBit has issued a statement in which it admits that its system has identified irregular deposit attempts and has temporarily banned both deposits and withdrawals while it works to correct the fault, which was discovered and reported for the first time by an account holder named X account Definalist.

According to the data from the blockchain, the issue seems to have been caused by a scam token that was airdropped to close to 400,000 Aptos wallets and led users to a fake website called ClaimAPTGift.com. This token was distributed by an airdrop. UpBit is accused of rewarding the counterfeit token in the same way as a legitimate APT token, as seen in a screenshot.

Because of the technical difficulty, the price of APT on ByBit skyrocketed by more than 35 percent before precipitously falling three hours later. According to CoinGecko, the trading pair with the most volume on UpBit during the course of the last twenty-four hours was Aptos.

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