South Korea’s top crypto exchange, Upbit, has fallen victim to a fraudulent deposit incident, throwing its operations into chaos.

On Sept. 24, Upbit reportedly halted the depositing and withdrawal of Aptos (APT) tokens after discovering that some of them were fake. 

Apparently, an unknown entity managed to deposit counterfeit coins, which Upbit’s systems erroneously recognized as APT tokens, into the exchange. Consequently, fake coins — identified as “ClaimAPTGift” — were disseminated into several unspecified accounts.

The information was first made public by “Definalist,” an X account run by several South Korean crypto traders. 

The aftermath of this event has been marked by confusion and uncertainty. According to Korean web3 news outlet Web3 Builders, Upbit, unsuspecting of the counterfeit deposit, allowed the trading of the fake coins, which had a total value of $3.4 billion, affecting an estimated 100,000 account holders. 

Per the report, the exchange is now scrambling to rectify the situation, reaching out to those who traded the fake coins and soliciting their return.

In response to the i

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Author: Julius Mutunkei

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