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Fake Aptos mistakenly traded on Korea’s largest crypto exchange

Collected: 2023.09.26

Distributed: 2023.09.27

Source: Go Direct

South Korea’s largest cryptocurrency exchange, Upbit, recently encountered a major incident where fake virtual assets were mistakenly recognized as legitimate cryptocurrencies. The exchange promptly suspended deposits and withdrawals related to the affected virtual assets and initiated efforts to recover its funds.

According to sources in the cryptocurrency industry on Monday, the incident unfolded on Sunday when fake coins masquerading as Aptos (APT) were deposited into multiple Upbit accounts from an undisclosed source.

Industry insiders revealed that a specific user distributed virtual assets based on the Aptos network to multiple recipients, including Upbit virtual wallets. As is customary in cryptocurrency exchanges, coins received in customers’ names are recorded as part of their account balances without using blockchain technology for transactions. Unfortunately, during this process, Upbit was unable to distinguish between the fake coins and genuine Aptos, leading to the incorrect inclusion of both types of coins as Aptos in customer accounts.

Cryptocurrency exchanges operate on a ledger-based trading system rather than utilizing blockchain technology, and transactions occur internally within the exchange’s systems. This incident highlights the inherent risks associated with centralized exchanges and their reliance on manual processes for transaction verification.

Upon discovering the issue, Upbit took immediate action by suspending deposits and withdrawals related to Aptos and began the process of identifying affected accounts.

By Choi Keun-do and Minu Kim

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