UPCX halts transactions after $70m security breach

The Open Source Payment Payment UPCX has suspended transactions following an unauthorized withdrawal of around $ 70 million in digital assets.

CYVER Blockchain Safety Cywers identified The violation of April 1, reporting a suspicious activity involving 18.4 million UPC tokens.

Cyvers reported that an attacker has taken control of an UPCX administrative portfolio and has changed his proxyadmin contract.

This has enabled the execution of a withdrawal function, leading to funds from three different management accounts. The stolen tokens remain in a single portfolio, without attempts observed to exchange or liquidate the assets.

UPCX suspends deposits and transactions

UPCX confirmed He had detected unauthorized access and taken immediate measures by suspending deposits and withdrawals. The platform assured users that their personal funds were not assigned and said that an internal survey was underway.

The attack sparked a drop in the price of the UPC token, which dropped $ 4.06 to $ 3.77, according to $ 4.06, according to Co Ringecko.

At the time of the press, the UPCX did not provide additional details on potential correction measures. The incident follows a broader trend in security vulnerabilities affecting cryptographic platforms, attackers increasingly operating administrative functions to siphon funds.

The UPCX breach adds to the Growing concerns in web security3Emphasizing the need to improve the safety controls for smart contracts and access to avoid future incidents.