Hacker transfers $70M out of payment platform UPCX

An unauthorized party withdrew approximately $70 million in digital assets from open-source payment platform UPCX, according to a security alert issued on April 1.

The blockchain security firm Cyvers flagged suspicious activity involving 18.4 million UPC tokens, estimating the value of the compromised funds at around $70 million.

Cyvers said someone accessed a UPCX address and upgraded its ProxyAdmin contract. The attacker then executed a function that allows admins to withdraw, leading to fund transfers from three different management accounts. 

At the time of writing, the stolen tokens had not been swapped for other crypto assets.

Cointelegraph has contacted UPCX for comments but did not receive an immediate response. 

UPCX acknowledged it had detected “unauthorized activity” involving its management accounts. The team suspended deposits and withdrawals for UPCX in response to the incident. It said user assets are unaffected by the issue and said it is actively investigating the matter. 

UPC’s token price dropped amid news of the incident. According to CoinGecko, UPC’s token prices dropped 7%, from a high of $4.06 to a low of $3.77 during the incident. 

This is a developing story, and further information will be added as it becomes available.