UpBit has been hit with a fake Aptos (APT) token scam worth $3.4 billion.

25/09/2023

South Korea's largest cryptocurrency exchange, Upbit, faced a major security breach when scammers deposited a fake APT token on its platform, masquerading it as the legitimate Aptos (APT) token. This breach affected approximately 100,000 user accounts holding APT deposits, with the fake APT tokens totaling a staggering $3.4 billion in value. Upbit responded swiftly by suspending APT deposits and withdrawals for wallet system maintenance.

The breach was discovered when Upbit's system mistakenly identified the fake APT coin as legitimate, allowing scammers to deposit a substantial quantity into user accounts. South Korean crypto specialist Mingmingbbs revealed that the fake APT tokens were not the native Aptos Network coin but rather a fraudulent token called "ClaimAPTGift." The issue occurred because Upbit's system did not properly differentiate between different types of coins, treating them all as the same APT token.

Despite the breach, investors remained largely unaffected, continuing to trade APT with a price of $5.42 at the time of the report, showing a 5% increase in the past 24 hours.

Resource: https://coingape.com/south-korea-upbit-exposes-aptos-apt-token-scam/