Recently, UPCX became the victim of a major hack, resulting in the theft of tokens worth approximately $70 million. Cryptocurrency experts and UPCX developers have confirmed the incident.
Incident Details
Crypto security firm Cyvers reported suspicious transactions involving the UPCX altcoin. Hackers gained access to address 0x4C….3583E and modified the ProxyAdmin contract to execute the withdrawByAdmin function. As a result, about $70 million worth of 18.4 UPC tokens were moved from three management wallets. Currently, all funds are located at address 0xFf7….334, and the attackers have not yet converted the stolen tokens into other cryptocurrencies.
Developers' Response
UPCX developers confirmed the issue via their official X account, describing it as “unauthorized activity.” In response, they temporarily suspended UPCX deposits and withdrawals, assuring users that their assets were safe. An investigation is underway.
Impact on UPCX
Following the attack, the altcoin UPCX lost about 5% of its value. At the time of writing, UPCX has a market cap of $337 million and is listed on major cryptocurrency exchanges such as Bitget, MEXC, and Gateio.
The attack on UPCX exposed security vulnerabilities within the cryptocurrency system. Developers are continuing their investigation to determine the full scope of the incident and prevent such situations in the future.
