An unauthorized entity has reportedly withdrawn around $70 million in digital assets from the open-source payment platform UPCX, as highlighted in a security notification released on April 1.
A blockchain security firm identified unusual activity concerning 18.4 million UPC tokens, estimating the total value of the affected assets to be approximately $70 million.
The firm noted that an individual gained access to a UPCX address and upgraded its ProxyAdmin contract. Subsequently, the attacker executed a function that allows for admin withdrawals, resulting in the transfer of funds from three separate management accounts.
At the time of this report, the stolen tokens had not been exchanged for other cryptocurrencies.
The platform has been reached for comment, but there has been no prompt reply.
UPC Experiences a 7% Decline Following the Unauthorized Transfer
UPCX confirmed that it had identified "unauthorized activity" associated with its management accounts. In response to the incident, the team temporarily halted deposits and withdrawals for UPCX. They assured users that their assets remained secure and stated that an investigation is underway.
The value of the UPC token has declined in light of the news. Reports indicate that the price of UPC tokens fell by 7%, dropping from a peak of $4.06 to a low of $3.77 during the event.
This is an evolving situation, and updates will be provided as more information becomes available.