Hacker transfers $70M out of payment platform UPCX
Open-source platform UPCX has lost $70 million in tokens after unauthorized access. The team suspends activity as it investigates the breach.
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.