This asset disaster that Upbit faced, the largest crypto exchange in South Korea, also emerged with the discovery of a fake deposit in the early hours of Sunday. Additionally scammers successfully managed to deposit a fake token onto the platform by portraying it as a real Aptos (APT) token.

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While the real APT has a price with eight decimal places, the fake APT asset had a price with six decimal places and Upbit, noticed this difference quickly, thus contributing to the prevention of a serious crisis. According to Definalist’s estimate, if the fake coin had a price with eight decimal places, thousands of investors could suffer significant losses and this could have led to Upbit’’s bankruptcy.

Amazing Korean exchange upbit incident today

1. The Largest S.Korean exchange @Official_Upbit , abruptly halted Aptos' deposits and withdrawals, citing a wallet system maintenance without any specific reason

2. Various Korean users have posted authentication claiming that they… pic.twitter.com/OjfCwhB4eV

— Definalist (@definalist) September 24, 2023

According to social media shares, people claim that a flaw in the system is identifying all transactions as the same APT token. So this flaw appears to have caused the Aptos ecosystem to incorrectly classify any cryptocurrency transfer to the Upbit wallet as the APT local token.

After the incident, the exchange managers are making efforts to resolve the issue and are requesting a refund from those who led to the fake token swap.

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