$3.4B Fake Aptos (APT) Token Scam Rocks Upbit Crypto Exchange

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$3.4B Fake Aptos (APT) Token Scam Rocks Upbit Crypto Exchange
Credit: © Reuters.

  • The total worth of the fraudulent APT tokens was a stunning $3.4 billion.
  • At the time of writing, APT is trading at $5.33, up 3.93% in the last 24 hours.

Upbit, the biggest crypto exchange in South Korea, has suffered a significant security breach, sending shockwaves. This comes after the trading platform found earlier on Sunday that a fraudulent deposit had been made using a crypto that was mistaken for the real Aptos (APT) token.

Korea-based media site “Web 3 Builders” said that the stunning breach was discovered after Upbit’s system incorrectly classified the phoney currency as APT, enabling a bot to deposit a large amount of the bogus tokens into a variety of user accounts.

Investors Remain Unaffected

An astonishing 100,000 accounts were compromised, all of which included APT deposits. One of the worst crypto security breaches in recent times, the total worth of the fraudulent APT tokens was a stunning $3.4 billion.

Many Korean users have come forward claiming to have gotten APT tokens without having initiated the transactions themselves, according to reports. Also, after discovering the hack, Upbit swiftly suspended APT deposits and withdrawals, citing maintenance on the wallet system as the reason.

A South Korean crypto expert and co-founder of TUNABOT, helped to reveal key information about the hack. According to the expert’s research, the phoney APT tokens were not the original Aptos Network token but rather a bogus token with the name “ClaimAPTGift.”

However, despite the event, investors have remained unaffected. At the time of writing, APT is trading at $5.33, up 3.93% in the last 24 hours as per data from CMC (NS: CMC ).

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