Counterfeit Token on Upbit Halts APT Withdrawals

South Korea

The exchange is back in action, and some people believe we narrowly avoided a bigger market problem.

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A fake token made to look like the real Aptos caused trouble on the Korean exchange Upbit. It made the APT token stop working for a bit because some people managed to put in the fake coins and take out real ones. Around 400,000 wallets have this fake token, and it came from a site called ClaimAPTGift.com, which is not a good place.



On X (formerly known as Twitter), a user pointed out a problem with Upbit. The exchange let in the fake tokens because it didn’t properly check the code that makes them work.

When people were putting $APT coins into UpBit, there was a mistake. They didn’t check the type of coins correctly, so all transfers looked like they were the real APT tokens. Normally, there are checks to tell different tokens apart, but this time, those checks didn’t work as they should.

This information came from a user named MingMingBBS, who is also a co-founder of Tuna_Bot, and they shared it with Definalist.

Luckily, there was a small difference in the number of decimal places between the scammer’s token and the real one. This difference helped avoid a big problem in the market. If this difference didn’t exist, people could have received ten times more money than they should have.

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Upbit stopped people from putting in or taking out the token for a little while. But they started the services again on Sunday night in Korea time, as they mentioned in their statement.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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