Fake Aptos token temporarily shuts down service on Korean exchange

Fake Aptos token temporarily shuts down service on Korean exchange

A token that was designed to trick users into believing it's an authentic version of Aptos, the token temporarily shut down services on Korean exchange Upbit for the APT token after some had able to deposit and cash out the counterfeit coin.

On-chain data shows that the token, which came from the airdrop scam site ClaimAPTGift.com, is held by approximately 400,000 wallets.

On X, one user highlighted a bug on Upbit that caused the exchange to accept the fake tokens because it didn't thoroughly check the underlying source code.

The oversight in verifying type arguments in the deposit process of $APT coins on UpBit resulted in all transfers being identified as native APT tokens. Under standard protocols, certain checks should differentiate tokens, but this wasn't the case, MingMingBBS, the co-founder of Tuna_Bot, said to Definalist.

The decimal difference between the native token and the token's equivalent prevented what could have been a significant market disruption. If not for this decimal difference, users might have been credited ten times their expected value, they said in a statement.

While deposits and withdrawals were temporarily suspended, Upbit said in a statement that services for the token were resumed by Sunday night Korea time.