In a significant cryptocurrency exploit, hackers have successfully stolen approximately $70 million in tokens from the blockchain-based payment platform UPCX. The breach, which occurred through unauthorized access to administrative withdrawal functions, has sent shockwaves across the crypto community.
Blockchain security firm Cyvers was the first to raise the alarm, reporting the suspicious transfer of 18.4 million UPC tokens. At the time of the theft, the stolen tokens were valued at around $70 million.
According to Cyvers, the attackers gained access to a UPCX address and altered its ProxyAdmin contract. By exploiting this modification, they were able to execute a function that enabled withdrawals from three separate management wallets.
In response to the breach, UPCX has suspended both deposits and withdrawals on its platform, assuring users that their assets were not compromised. The platform’s team has initiated an internal investigation to determine the full extent of the attack.
The aftermath of the hack saw a sharp decline in the price of the platform’s UPC token, which fell more than 7%, reaching as low as $3.70.
This incident underscores the ongoing security challenges in the expanding Web3 industry. Experts are now emphasizing the need for stronger cybersecurity measures and enhanced access controls to prevent such high-profile exploits in the future.
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