Is Your Money at Upbit Exchange? Read This As they Escape $3.4 Billion Scam

• Upbit Exchange made an acceptance of fake Aptos (APT) tokens, leading to a $3.4 billion scam. So, about 100,000 users received the tokens. 
• Upbit has made the necessary updates regarding this attack. 

Upbit Exchange is one of the most prominent crypto exchanges in the industry and always does its best to keep attacks at bay. However, there was a recent attack affecting their users. 

Upbit Exchange Experience $3.4 Billion Scam 

Image from Twitter 

• Upbit Exchange had some massive scam scare after the unexpected and erroneous deposit of more than $3.4 billion worth of tokens. So, according to the details, the Upbit security system erroneously classified an illegitimate coin as APT. Doing this allowed the scammers behind this attack to deposit an enormous volume of the bogus tokens into many user accounts. So, this is quite massive and, at the same time, confusing for the crypto exchange. Many thought it was some kind of massive investment from web3 investors. On the other hand, many were getting the wind that this might be a security attack against the crypto exchange. 
• The next action from this security breach is the deposit on approximately 100,000 accounts, all possessing APT deposits. So, the amount of APT tokens in each of these accounts was even more astonishing. According to data from official sources, the total amount of the tokens in this latest transaction is around $3.4 billion. This is quite massive from the attackers, and this being successful would be catastrophic. Another negative impact of this recent attack is that many Korean crypto-enthusiasts reported the receipt of APT tokens, unsolicited. 

See more

South Korea's largest crypto exchange, Upbit, was fooled by a fraudulent deposit of a fake Aptos coin worth $3.4 billion. The exchange is calling affected users to refund the coins and is conducting a manhunt for the culprit. pic.twitter.com/fJO7ReXysC

— DYOR DAILY (dd) (@DYORDAILY) September 24, 2023

What was the Response From Upbit Exchange? 

• Upbit was very quick to make a response to the Renner security breach. So, the lack of response from this crypto exchange might have made things a lot worse. Upbit made use of all the security measures within true power to ensure that none of these security issues affect their users. So, the first made the suspension of all APT deposits and withdrawals. 
• The reason they made this suspension of APT deposits and withdrawals was due to wallet maintenance. However, the real reason was that they want to stop any more issues coming from this security breach. They even made an official statement about the situation, saying, “Due to the maintenance of the Aptos (APT) wallet system, we are suspending the Aptos (APT) deposit and withdrawal service. We will resume deposits and withdrawals once the maintenance is complete, and we will update the service resumption through this notice.”
• This is one of the many times crypto exchanges are receiving massive attacks. However, Upbit Exchange is proving to be holding its ground. 

Conclusion 

Upbit Exchange recently saw a strange security breach that made many users to receive unsolicited deposits of APT tokens. So, more than 100,000 accounts on this crypto exchange received the effects of this act. However, Upbit made the necessary updates to prevent something like this from happening again.

–

The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.