The payment platform UPCX has suffered a serious network attack, resulting in the theft of UPC tokens totaling $70 million. According to Cyvers, the hacker gained access to the ProxyAdmin contract, allowing them to withdraw funds from management accounts.
This is reported by Finway
Details of the UPCX Attack
The UPCX hack resulted in the loss of 18.4 million UPC tokens. The attacker altered the ProxyAdmin settings, gaining unauthorized access to the system. The UPCX team confirmed the attack and immediately suspended operations, assuring users that their assets were not affected.
The UPCX team confirmed the unauthorized access, suspended deposits and withdrawals, assuring that users’ assets were untouched.
The price of the UPC token fell from $4.02 to $3.77, but at the time of publication, it is trading at $3.83, with a market capitalization of $342 million. According to experts, the attack may be linked to compromised credentials or insufficient access control measures.
The Need for Enhanced Security
Experts emphasize the importance of implementing multi-signature and transaction verification to prevent similar crimes in the future. The amount of stolen funds in this attack is twice the losses from hacks in March 2025, when a total of $33 million in crypto assets was stolen.
According to Cyvers’ Chief Technology Officer Meir Dolev, such vulnerabilities were responsible for 80% of losses in Web3 projects in 2024.