UPCX Halts Transactions After $70 Million Crypto Heist
The open-source payment system UPCX has paused all transactions due to a massive unauthorized withdrawal of around $70 million in digital assets.Blockchain security experts at Cyvers spotted the breach on April 1. They noticed unusual activity linked to 18.4 million UPC tokens.
Cyvers found that a hacker took control of an administrative wallet.The intruder altered the ProxyAdmin contract, allowing them to withdraw funds from three management accounts. The stolen tokens are now in one wallet, with no signs of being sold or traded yet.
UPCX quickly responded by freezing deposits and withdrawals. The platform reassured users that personal funds were safe. An internal probe is underway to understand the full extent of the damage.
UPCX’s tweet warned users about the security breach. The company is working to secure the platform. The stolen tokens haven’t been moved, offering a glimmer of hope for recovery. The platform’s token price dropped 7%, from $4.06 to $3.77,as reported by CoinGecko. the attacker exploited a vulnerability in the system’s administrative controls. This incident highlights the growing threat to crypto platforms. The price of UPC tokens fell sharply following the news.
UPCX’s swift action shows their commitment to user safety. However, the incident raises concerns about Web3’s safety. The stolen assets are still in the hacker’s wallet. The company is investigating the breach.
UPCX’s quick response included halting all transactions. They assured customers that individual accounts were not compromised. The stolen funds came from internal accounts, not user wallets.
UPCX’s tweet highlighted the unauthorized access. They are exploring ways to fix the issue. The stolen tokens haven’t been liquidated, suggesting the attacker might be waiting for the right moment to cash out. The platform’s token value tumbled, reflecting market fears. The crypto world faces a rising number of attacks targeting administrative functions. Better smart contract safeguards and access controls are crucial to prevent similar incidents. The stolen tokens are untouched, giving hope for a possible recovery.The crypto community is on high alert.The price dip shows the market’s reaction to such breaches. the platform’s swift action may limit further damage. The crypto space needs stronger security measures. The stolen assets are still in the hacker’s control. The crypto sector must improve its defenses. The incident underscores the need for tighter smart contract protections.
