{"id":4070,"date":"2023-09-25T11:27:14","date_gmt":"2023-09-25T11:27:14","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=4070"},"modified":"2023-09-25T11:27:46","modified_gmt":"2023-09-25T11:27:46","slug":"upbit-faced-fake-asset-disaster","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/upbit-faced-fake-asset-disaster\/","title":{"rendered":"UpBit Faced a Fake Asset Disaster!"},"content":{"rendered":"

UpBit faced a fake asset disaster! South Korea’s leading crypto exchange Upbit,<\/strong> was exposed to a deposit event carried out for fraudulent purposes, and after this event, APT<\/a> Coin<\/strong> transactions were temporarily suspended.<\/em><\/p>\n

\u25aa\ufe0f 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)<\/strong> token.<\/p>\n

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You might like: Could Binance Go Bankrupt?<\/strong><\/a><\/p>\n<\/blockquote>\n

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\u25aa\ufe0f While the real APT<\/strong>\u00a0has a price with eight decimal places, the fake APT asset had a price with six decimal places and Upbit,<\/strong> 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\u2019’s<\/strong> bankruptcy.<\/p>\n

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Amazing Korean exchange upbit incident today<\/p>\n

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

2. Various Korean users have posted authentication claiming that they\u2026 pic.twitter.com\/OjfCwhB4eV<\/a><\/p>\n

— Definalist (@definalist) September 24, 2023<\/a><\/p><\/blockquote>\n