UPCX platform reportedly exploited by a hacker
The incident noticed the attacker switch greater than 18 million UPC tokens value $70 million to the hacker’s pockets.
UPCX has acknowledged the incident and is investigating.
UPCX, a decentralized cost community, has fallen sufferer to the newest crypto crime as an exploit sees roughly $70 million value of its native token, UPC, within the arms of a hacker.
Blockchain safety agency Cyvers Alerts highlighted the assault on April 1.
In line with Cyvers Alerts, an unauthorized actor drained UPCX after accessing a vital deal with inside the UPCX ecosystem.
The attacker proceeded to improve the ‘ProxyAdmin’ contract earlier than executing the heist by performing a ‘withdrawByAdmin’ operate.
🚨ALERT🚨Our system has detected a number of suspicious transactions involving @Upcxofficial
It seems that somebody gained entry to the deal with 0x4C….3583E, upgraded the ‘ProxyAdmin’ contract, and executed the ‘withdrawByAdmin’ operate, ensuing within the switch of 18.4M… pic.twitter.com/ytCmwpNtE1
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 1, 2025
This allowed the attacker to switch 18.4 million UPC tokens from three separate administration accounts, valued at roughly $70 million.
In line with Cyvers, the hacker has moved the stolen funds to a brand new deal with, the place they continue to be.
There had been no swaps or additional actions as of writing.
Following the assault, the UPCX staff acknowledged the breach and issued a press release on X:
“UPCX has recognized unauthorized exercise involving our administration account. As a precautionary measure, we’re taking quick motion to make sure platform safety,”.
Measures taken embody pausing deposits and withdrawals because the staff actively investigates the difficulty.
UPC token
The UPCX token UPC fell sharply amid the information, with knowledge from CoinGecko exhibiting a 5% dive from round $4.02 to $3.77.
Nevertheless, with UPCX assuring the group that every one person funds had been protected, the downward response wasn’t as dangerous as could have been feared.
UPC worth reached an all-time excessive of $5.27 on March 24, 2025, in response to particulars on CoinGecko.
Because the investigation into the UPCX exploit continues, the incident serves as a stark reminder of the challenges dealing with the blockchain and DeFi sectors.
Whereas platforms like UPCX goal to revolutionize funds and monetary companies by means of decentralization, the persistent risk of hacks and exploits stays a major barrier to mainstream adoption.
For now, the $70 million in stolen UPC tokens sits untouched within the attacker’s deal with, leaving the crypto group on edge as they await additional developments.
