On September 24, Upbit users received fraudulent ClaimAPTGift tokens as part of an airdrop without sending a corresponding request. The crypto exchange system perceived the asset as Aptos (APT).
⚡️How did such a huge and foolish incident occur?
— It seems that during the process of reflecting $APT coin deposits, there was a failure to check the type arguments, and all same functions transfers were recognized as the same APT native token.
— Under normal circumstances,… https://t.co/CvDgTdqnGl pic.twitter.com/8gEx5YnOLH— Definalist (@definalist) September 24, 2023
According to user Definalist, the only explanation for this situation is that the wallet management system only verified the token type and data without properly checking its source code.
“It appears that there was a type argument validation error during the APT deposit reflection process. All transfers of the same functions were recognized as an APT coin. If all Aptos ecosystem tokens were sent to the Upbit wallet, they would be mistaken for APT.” – he explained.
Definalist, citing the creator of _TUNA_BOT under the nickname Mingmingbbs, indicated that the “catastrophe” was prevented by the fact that the price of ClaimAPTGift had six decimal places, while APT had eight.
In this scenario, all users would receive $25,000 instead of $250. As a result, thousands of customers could have dropped $25,000 worth of APT, causing significant disruption.
After detecting a “non-standard deposit attempt” APT, crypto exchange specialists initiated an investigation. The platform suspended the processing of transactions with the asset and subsequently resumed after the problem was resolved.
Some users who received ClaimAPTGift sold “APT”, after which Upbit support asked for a refund.
Let us remind you that on August 23, the Aptos team presented a “flexible” token standard. According to the statement, the new form allows for seamless airdrops, custom asset linking, and performance improvements.
Previously, ForkLog reported about a fake distribution of Grayscale Investments tokens.
Found an error in the text? Select it and press CTRL+ENTER
ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!