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

According to on-chain data, the token, which originated from the airdrop scam site ClaimAPTGift.com, is held by approximately 400,000 wallets.

On X (formerly known as Twitter), 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.

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

"Amidst the misfortune, the scammer's token's decimal difference from the native token 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 continued.

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


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Recommended content


Recommended Content

Editors’ Picks

Ripple's XRP saw increased buying pressure as Trump taps pro-crypto Mark Uyeda as acting SEC Chair

Ripple's XRP saw increased buying pressure as Trump taps pro-crypto Mark Uyeda as acting SEC Chair

Ripple is up 5% on Monday after US President Donald Trump announced pro-crypto Mark Uyeda as the new acting Securities & Exchange Commission Chair. It follows increased buying activity across XRP market.

More Ripple News
Donald Trump selects pro-crypto Mark Uyeda as acting SEC Chair

Donald Trump selects pro-crypto Mark Uyeda as acting SEC Chair

A notice from the White House on Monday revealed that President Donald Trump selected Securities & Exchange Commission Commissioner Mark Uyeda to replace Gary Gensler as the agency's acting Chairman.

More Cryptocurrencies News
Crypto Today: BTC, Solana, XRP set new $3.7T record on Trump inauguration

Crypto Today: BTC, Solana, XRP set new $3.7T record on Trump inauguration

The global crypto market capitalization grew by 2.4% on Monday, reaching a new all-time high of $3.7 trillion. Cumulative crypto market trading volume crossed the $640 billion mark for the first time since November.

More Cryptocurrencies News
Ethereum Price Forecast: ETH set for rally as its Foundation allocates 50,000 ETH to DeFi

Ethereum Price Forecast: ETH set for rally as its Foundation allocates 50,000 ETH to DeFi

Ethereum trades around $3,330 on Monday following the general crypto market decline stemming from traders' reaction to Unites States President Donald Trump's failure to mention crypto during his inauguration.

More Ethereum News
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration

Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration

BTC's price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC. 

Read full analysis
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

BTC

ETH

XRP