Aptos

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/upbit-mistakes-scam-tokens-for-real-atp/">Upbit Mistakes Scam Tokens for Real ATP, Warns Users of Price Fluctuations</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/crypto-live-news/upbit-to-list-glmr-and-support-glmr-btc-trading-pair/">Upbit</a>, South Korea’s foremost centralized cryptocurrency exchange, recently made headlines as it temporarily halted deposits and withdrawals. The reason? An unfortunate mix-up involving a fake Aptos (APT) token, mistaken for the real deal.</p> 
<p>According to an <a href="https://upbit.com/service_center/notice?id=3747">official announcement</a> released on <a href="https://upbit.com/service_center">Upbit’s Customer Service Centre webpage, </a>the freeze was initiated on Sunday after Upbit identified an “abnormal deposit attempt” while keeping track of APT movements into and out of its wallet system.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-service-resume-but-don-t-let-your-guard-down">Service Resume, But Don’t Let Your Guard Down</h2> 
<p>While account services have since resumed, Upbit isn’t taking any chances. The exchange has issued a warning to its users about potential price fluctuations when trading APT on other platforms. It’s no secret that different cryptocurrency exchanges can exhibit varying prices for the same asset. With Upbit’s transaction system temporarily frozen, <a href="https://groww.in/blog/why-bitcoin-prices-different-exchanges#:~:text=The%20cryptocurrencies%20are%20traded%20on,platform%20depends%20on%20the%20traders.">synchronization delays</a> may occur, leading to disparities in APT prices between exchanges.</p> 
<p>As per Upbit’s announcement, Upbit has clearly stated that there may be a severe or drastic price change when APT deposits and withdrawals are resumed. The firm asked the customers to pay “special attention” to the price variations with other exchanges till the time APT transactions are frozen in Upbit.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-crypto-community-chirps-in">Crypto Community Chirps In</h2> 
<p>The incident hasn’t gone unnoticed in the crypto community, with <a href="https://x.com/definalist/status/1705900412208029894?s=20">Twitter user Definalist</a> chiming in. In a post that began with “Amazing Korean exchange Upbit incident today,” Definalist delved into the root cause of Upbit’s predicament. According to him, it all boiled down to a system flaw that incorrectly identified a batch of airdropped scam tokens as genuine ATP. Definalist suggests that Upbit’s wallet system simply scrutinized token types and data during deposits and withdrawals.</p> 
<p>Also Read: <a href="https://coinpedia.org/crypto-live-news/south-koreans-proclaim-98-5bn-in-overseas-crypto-assets/">South Koreans Proclaim $98.5bn in Overseas Crypto Assets!</a></p> 
<p>Definalist went on to highlight the near miss the crypto community experienced. He noted that had the malicious developers coded just two additional decimal places and increased the airdrop value to $25,000 per token instead of the meager $250, the impact on affected accounts could have been devastating. The implications of this hypothetical scenario are staggering – thousands of users could have unwittingly sold APT tokens worth $25,000 each.</p> 
<p>According to an <a href="https://twitter.com/definalist/status/1705916604473901076">investigation by MingMingBBS</a> that was posted by the Twitter account Definalist, UpBit’s system reportedly mistakenly detected the fake tokens as real ones due to a typo in the code.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;">How did such a huge and foolish incident occur?<br><br>– It seems that during the process of reflecting <a href="https://twitter.com/search?q=%24APT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$APT</a> coin deposits, there was a failure to check the type arguments, and all same functions transfers were recognized as the same APT native token.<br>– Under normal circumstances,… <a href="https://t.co/CvDgTdqnGl">https://t.co/CvDgTdqnGl</a> <a href="https://t.co/8gEx5YnOLH">pic.twitter.com/8gEx5YnOLH</a></p>— Definalist (@definalist) <a href="https://twitter.com/definalist/status/1705916604473901076?ref_src=twsrc%5Etfw">September 24, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>According to <a href="https://www.coingecko.com/en/coins/atlas-protocol">Coingecko data</a>, the APT token currently ranks 38th in terms of market capitalization with a little over $1.2 billion and daily trading volumes of over $107 million.</p> 
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Upbit Mistakes Scam Tokens for Real ATP, Warns Users of Price Fluctuations

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