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Latest Crypto Exploit: Hackers Steal $70M From Payment Platform UPCX

Latest Crypto Exploit: Hackers Steal $70M From Payment Platform UPCX

CryptotimesCryptotimes2025/04/02 04:11
By:Gopal Solanky

In the latest crypto exploit, the blockchain-based open-source payment platform UPCX has lost approximately $70 million worth of tokens, with hackers gaining unauthorized access to administrative withdrawals. 

The incident was first flagged by blockchain security firm Cyvers, identifying a suspicious movement of 18.4 million UPC tokens. The estimated value of the stolen funds stood at $70 million at the time. 

As per Cyvers’s finding, the attacker accessed a UPCX address and modified its ProxyAdmin contract. With exploiting this upgrade, the hacker executed a function and enabled withdrawals with transferring funds from three different management wallets. 

🚨ALERT🚨Our system has detected multiple suspicious transactions involving @Upcxofficial

It appears that someone gained access to the address 0x4C….3583E, upgraded the 'ProxyAdmin' contract, and executed the 'withdrawByAdmin' function, resulting in the transfer of 18.4M… pic.twitter.com/ytCmwpNtE1

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 1, 2025

In response to the breach, UPCX suspended deposits and withdrawals on the platform and the team reassured users’ assets were not affected. The team also said that an internal investigation is underway. 

🚨Security Notice: Unauthorized Activity Detected🚨

UPCX has identified unauthorized activity involving our management account. As a precautionary measure, we are taking immediate action to ensure platform security.

🔹 UPCX deposits and withdrawals are temporarily suspended.
🔹…

— UPCX® Official (@Upcxofficial) April 1, 2025

Following the incident, platfrom’s UPC token experienced a notable price drop with it declining over 7% to as low as $3.7 after the news.

Latest Crypto Exploit: Hackers Steal $70M From Payment Platform UPCX image 0 Source: Coinmarketcap

As the Web3 industry continues to expand, security remains a critical challenge with a number of such exploits taking pace now and then. Noting this incident, several experts are now stressing that enhanced cybersecurity frameworks and better access controls are crucial to preventing such large-scale exploits in the future.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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