Cyvers Alerts Identifies Unauthorized Transactions In UPCX, Potential Loss Estimated At $70M
In Brief
Cyvers Alerts has identified a potential $70 million security breach in UPCX, prompting it to suspend deposits and withdrawals, while the user assets remain secure and the investigation continues.
Real-time security monitoring platform Cyvers Alerts has identified potentially unauthorized transactions within the decentralized payment network UPCX, suggesting a possible security breach.
According to Cyvers Alerts, an unknown entity appears to have gained control of the address 0x4C….3583E, allowing them to modify the ‘ProxyAdmin’ contract. This modification enabled the execution of the ‘withdrawByAdmin’ function, which resulted in the transfer of approximately 18.4 million UPC tokens—valued at around $70 million—from three separate management accounts.
At present, the transferred funds remain in the address 0xFf7….334, with no signs of conversion or movement to other wallets, indicating that the assets have not yet been swapped or dispersed, the platform noted.
Meanwhile, the UPCX team has acknowledged the security incident, confirming the detection of unauthorized activity within its management account.
In response to the situation, the platform has implemented precautionary measures to safeguard its operations. As part of these efforts, deposits and withdrawals on UPCX have been temporarily suspended. However, the team has assured users that their assets remain secure and unaffected by the incident. An active investigation is underway to determine the cause and extent of the unauthorized activity, and further updates will be provided as soon as more information becomes available.
UPCX also expressed its appreciation for users’ patience and cooperation during this time.
What Are UPCX And UPC Token?
UPCX is designed to simplify blockchain-based payments by making them more accessible and user-friendly. The platform supports smart contracts and aims to enhance the payment experience by addressing key blockchain challenges, including high transaction fees, slow settlement times, and usability issues.
In order to achieve high-speed processing, UPCX employs a hybrid consensus mechanism that integrates Delegated Proof of Stake (DPoS) with Byzantine Fault Tolerance (BFT). This combination allows the network to handle up to 100,000 transactions per second while ensuring near-instant block confirmations, positioning its performance on par with traditional credit card networks.
The platform’s native cryptocurrency, UPC, plays a central role within the ecosystem. It facilitates transaction processing, contributes to network security, and supports multiple payment methods, including NFC-based transactions, QR code payments, and scheduled transfers.
At the time of writing, UPC is trading at approximately $3.85, reflecting a 5.39% decline within the past day. The token experienced a sharp drop from its earlier price above $4, while its market capitalization stands around $343 million, according to CoinMarketCap data.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
