According to crypto security firm Cyvers, a notable altcoin appears to have been hit by a major hack.
Cyvers announced that their systems detected a large number of suspicious transactions involving the UPCX (UPC) altcoin.
According to security experts, malicious actors took control of the address 0x4C….3583E, modified the 'ProxyAdmin' contract, and executed the 'withdrawByAdmin' function. As a result, approximately $70 million worth of 18.4 UPC tokens were transferred out of three different management wallets.
Currently, all funds are located at address 0xFf7….334 and the attackers have not yet converted the stolen tokens into other cryptocurrencies.
However, UPCX developers also confirmed the development via their official X account, describing it as “unauthorized activity.” In response to the attack, the developers temporarily suspended UPCX deposits and withdrawals. They maintained that user assets were safe and unaffected by the attack. They added that they were investigating the issue and would provide an update soon.
UPC is listed on major cryptocurrency exchanges such as Bitget, MEXC, and Gateio, and the altcoin lost about 5% of its value due to the attack. At the time of writing, UPC has a market cap of $337 million.
*This is not investment advice.
