Crypto exchange Upbit has explained why it temporarily froze withdrawals on the platform. It has assured users that it has conducted a thorough review and is now ready to resume its services.
“Measures have been taken to address abnormal deposit attempts, and there are no issues with your Aptos transactions,” the statement noted.
Crypto Exchange Halts Withdrawals Due To Suspicious Transactions
Upbit recently announced that it temporarily halted deposit and withdrawal services in order to perform an investigation on suspicious Aptos (APT) transactions within the crypto exchange.
“During the monitoring process of the Aptos (APT) deposits and withdrawals, abnormal deposit attempts were detected. As a result, we have suspended deposits and withdrawals and conducted a wallet system check for Aptos (APT).”
However, it quickly restarted services after cautioning users to stay vigilant.
The statement emphasized that the resumption of services could lead to significant price swings:
“There is a possibility of rapid price fluctuations during the resumption of Aptos (APT) deposits and withdrawals,” the statement noted.
At the time of publication, APT’s price stands at $5.46.
Upbit stated that users may also experience delays in processing deposits when the network restarts because of factors like network congestion.
However, it highlights the possibility of variations in the timing of transaction confirmations on the blockchain network and the timing of deposit reflection.
Aptos Grabs Recent Headlines
Aptos recently experienced a substantial price swing following its partnership with Microsoft.
The company announced on August 9 that it is partnering with Microsoft to help bring Web3 into the mainstream. Shortly after the announcement, the APT price bounced by 15%. However, it couldn’t maintain its momentum and dropped below its breakout level.
Meanwhile, FTX court documents suggested that APT could face further sell-offs.
On September 11, reports indicated that the bankrupt exchange is expected to sell approximately $100 million worth of digital assets every week.
Shortly before this incident, news broke out regarding the hacking of Aptos Labs’ official X (formerly Twitter) account. On July 7, a tweet issued by a hacker invited Aptos’ followers to join an airdrop, reassuring them that they could acquire APT tokens for free on the APT network.
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