UPCX Halts Transactions After $70 Million Crypto Heist
Open-source payment platform UPCX has halted all transactions following a massive unauthorized withdrawal of around $70 million in digital assets. The incident was flagged by blockchain security firm Cyvers on April 1.
Cyvers detected suspicious activity involving 18.4 million UPC tokens.The attacker gained control of an administrative wallet adn altered the ProxyAdmin contract. This allowed them to withdraw funds from three management accounts. The stolen tokens are now in a single wallet,with no signs of liquidation.
UPCX quickly responded by suspending deposits and withdrawals.The platform reassured users that personal funds were safe. An internal investigation is underway to determine the extent of the breach.
- UPCX deposits and withdrawals are temporarily suspended.
- The platform is conducting an internal investigation.
The attack caused the UPC token price to drop by 7%, from $4.06 to $3.77, according to CoinGecko.UPCX has yet to announce any remediation plans.
This incident highlights the growing security concerns in the Web3 space. Attackers are increasingly exploiting administrative functions to steal funds. The need for enhanced smart contract security and access controls is more critical than ever.
