Key Insights
- Cyvers Alerts detected a $70 million hack on Payment Solution Provider UPCX marking the first major exploit of the new month
- The Hackers stole $70 million by compromising the platform’s three management accounts
- UPCX has currently suspended deposits and withdrawals pending outcome of investigations
Leading Digital Assets Security firm Cyvers detected a $70 million hack on UPCX, a Payment Solution provider. The Hack followed the breaching of three of the platform’s management accounts and is recorded as the first major hack of April.
UPCX has responded to the hack, announcing that UPCX deposits and withdrawals are temporarily suspended.
They assured their User base that their assets remain safe and unaffected. They are actively investigating the issue and will provide updates as soon as possible.
Cyvers Break Down the Nature of the Hack
Cyvers Alerts, in an X post, shared technical details of the hack, explaining how the hackers compromised the platform and stole 18.4M $UPC (approximately $70M).
“ Our system has detected multiple suspicious transactions involving @Upcxofficial. It appears that someone gained access to the address 0x4C….3583E, upgraded the ‘ProxyAdmin’ contract, and executed the ‘withdrawByAdmin’ function, resulting in the transfer of 18.4M $UPC (approximately $70M) from three different management accounts.” Cyvers stated.
They revealed that at the time of the report, the hackers had not moved the money, and all funds remain in address 0xFf7….334, with no swaps detected.
Cyvers Alerts is a leading source of hacks and exploits in the crypto industry and was among the first organisations to report the mammoth $1.5 billion hack on Bybit.
The UPCX Ecosytem
UPCX, or Universal Payment Channel Exchange, is an open-source, blockchain-based payment system designed to make cryptocurrency transactions fast, secure, and accessible to everyone. It aims to bridge the gap between traditional financial systems and blockchain technology by offering a high-speed, user-friendly platform optimized for payments and financial services.
The platform leverages post-quantum cryptography to safeguard it against Quantum security threats. The UPCX Ecosystem has a native token, UPC (short for “Coordinated Universal Payment”). The Native crypto assets are used for transaction fees and powering smart contracts within the network.
UPC market cap hit $280.42 million by March 20, 2025 (CoinMarketCap), with 490,000 tokens staked across 44,000 addresses, per Visionary Financial.
Crypto Hacks and exploits dropped to $28.8 million last month from a staggering $1.5 billion in February, driven by the Bybit Hack.
The UPCX team has not given any fresh update on the hack since its brief statement after the hack yesterday.
