UPCX platform reportedly exploited by a hacker
The incident saw the attacker transfer more than 18 million UPC tokens worth $70 million to the hacker’s wallet.
UPCX has acknowledged the incident and is investigating.
UPCX, a decentralized payment network, has fallen victim to the latest crypto crime as an exploit sees approximately $70 million worth of its native token, UPC, in the hands of a hacker.
Blockchain security firm Cyvers Alerts highlighted the attack on April 1.
According to Cyvers Alerts, an unauthorized actor drained UPCX after accessing a critical address within the UPCX ecosystem.
The attacker proceeded to upgrade the ‘ProxyAdmin’ contract before executing the heist by performing a ‘withdrawByAdmin’ function.
🚨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
This allowed the attacker to transfer 18.4 million UPC tokens from three separate management accounts, valued at approximately $70 million.
According to Cyvers, the hacker has moved the stolen funds to a new address, where they remain.
There had been no swaps or further movements as of writing.
Following the attack, the UPCX team acknowledged the breach and issued a statement on X:
“UPCX has identified unauthorized activity involving our management account. As a precautionary measure, we are taking immediate action to ensure platform security,”.
Measures taken include pausing deposits and withdrawals as the team actively investigates the issue.
UPC token
The UPCX token UPC fell sharply amid the news, with data from CoinGecko showing a 5% dive from around $4.02 to $3.77.
However, with UPCX assuring the community that all user funds were safe, the downward reaction wasn’t as bad as may have been feared.
UPC price reached an all-time high of $5.27 on March 24, 2025, according to details on CoinGecko.
As the investigation into the UPCX exploit continues, the incident serves as a stark reminder of the challenges facing the blockchain and DeFi sectors.
While platforms like UPCX aim to revolutionize payments and financial services through decentralization, the persistent threat of hacks and exploits remains a significant barrier to mainstream adoption.
For now, the $70 million in stolen UPC tokens sits untouched in the attacker’s address, leaving the crypto community on edge as they await further developments.
