#APT Upbit exchange was hacked: 3.4 billion USD of fake Aptos tokens were traded, 100,000 accounts affected

As noted by BeInCrypto, the incident was discovered on Sunday when exchange Upbit noticed that a deposit had been made using a fake Aptos token. This incident occurred because Upbit's system "somehow miraculously" failed to classify the amount of APT tokens traded as fake. This led to the exchange allowing the bot to deposit a large amount of these fake APT tokens into many different user accounts.

According to estimates at that time, the value of fake APT tokens traded on Upbit was about 3.4 billion USD. This is considered one of the most damaging security breaches ever. It is unclear whether one of the reasons for this is that the Upbit exchange was hacked and the development team of the exchange did not detect this?

Fortunately, the APT token price was not affected because the cause of the hack came from the Upbit exchange and not Aptos Network. As a result, Aptos' APT token price did not record a decrease in price. APT price even increased by 7.7% in the past 24 hours and is currently trading at 5.5 USD. Meanwhile, the entire cryptocurrency market is in the red with Bitcoin and Ethereum losing 1.6% and 1.1% of their value at the time of writing, respectively.

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