The payment platform UPCX fell victim to a serious network attack, resulting in the theft of 18.4 million UPC tokens worth a total of $70 million. The incident occurred when the attacker altered the ProxyAdmin settings, gaining access to administrative accounts.
This is reported by Business • Media
According to information from Cyvers, the hacker was able to perform unauthorized actions that led to the withdrawal of significant funds.
“Our system has recorded several suspicious transactions,” Cyvers reported on its official Twitter account.
The UPCX team confirmed the hacking incident, suspended all deposits and withdrawals, assuring that user assets were not affected. Following the incident, the price of the UPC token dropped from $4.02 to $3.77, but at the time of publication, the asset is trading at $3.83, with a market capitalization of $342 million.
Cyvers experts believe that the attack is related to compromised credentials or insufficient access control measures. According to Cyvers’ Chief Technology Officer Meir Dolev, such vulnerabilities account for 80% of losses in Web3 projects in 2024.
The hacking scheme resembles previously recorded attacks in the industry, where attackers gained access to administrative rights and made malicious changes. Experts emphasize the need for enhanced security, including multi-signature and transaction verification.
The amount stolen in the UPCX case is double the losses from hacks in March 2025, when the total amount of affected crypto assets was $33 million, according to PeckShield.