South Korea's biggest exchange, Upbit, identified fake APT tokens as real ones. They were then dumped onto the market. They've been duped and the total fake APT is worth $3.4 billion.

This is the biggest blunder from an exchange in a very long time. Upbit identified fake tokens as real ones and allowed malicious actors to dump the fake tokens on the market to gain real fiat.

Tl;dr of what happened

Someone created a fake coin and deposited it on Upbit. Upbit recognized the fake coin as an APT. The bot had already deposited a huge amount of coins into unspecified accounts. These fake coins were deposited into a large number of unspecified accounts on Upbit. For those who received the deposits and sold them, Upbit started calling them to ask for their money back. We estimate that around 100,000 accounts were affected. These were accounts with Aptos deposits on Upbit. In total, the fake APT was worth $3.4 billion.

100k accounts being affected. Upbit has announced suspension of deposits and withdrawals. South Korea does have strict KYC laws in place so the accounts that benefitted may have difficulties in cashing out.

Source - https://web3builders.info/south-koreas-largest-exchange-upbit-suffers-a-fraudulent-deposit/