Upbit's $3.4 Billion Fake Token Scandal Unveiled
A shocking $3.4 billion counterfeit APT token deposit scandal rocked the South Korean exchange Upbit on September 21
A South Korean crypto group, 'Definalist,' exposed the fraud, highlighting a critical failure in checking token types
PeckShield Alert, a blockchain security firm, joined the discussion, emphasizing the scam's potential disaster and the role of token decimals
Fortunately, the scammer used 6 decimals instead of 8, preventing massive chaos and averted losses for users
Mistakenly, the fake coins were accepted as real APT tokens. However, Upbit quickly suspended APT deposits and withdrawals for system maintenance
After thorough investigation, Upbit reopens its services on September 24, reassuring customers about their asset safety
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