Connect with us

Hi, what are you looking for?

Upcx
Upcx
#image_title

Cryptocurrency

A hacker gains access to UPCX, steals $70 million, and then suspends the system

UPCX, an open-source blockchain payment platform, suffered a hack that saw $70 million worth of digital assets transferred without permission. Thereupon, it announced that it would suspend transactions. Security experts were the first to notice it on April 1 and reported irregular activity involving 18.4 million UPC tokens.

A hacker gained access to UPCX, executing a $70 million heist before shutting down the system. This breach raises serious concerns about security vulnerabilities in blockchain platforms and the growing sophistication of cybercriminals.

Exploiting Vulnerabilities to Drain Funds.

As per analyst reports, the attacker hacked the critical UPCX wallet and used the ProxyAdmin contract to withdraw functions. These actions enabled the hacker to steal money from three important management accounts. Currently, all the stolen funds remain in a single wallet, displaying no indications of liquidation.

Due to the hack in the UPCX protocol, it quickly suspended all deposits and withdrawals. The platform assured users that their personal funds were safe. The platform further confirmed that a full investigation is underway to find out what exactly happened.

Market Impact and Growing Security Concerns.

The news of the breach caused shockwaves in the market, and UPC’s token was down 7%, falling from 4.06 to 3.77. Hackers regularly exploit administrative errors to siphon off funds, underscoring the risky conditions of the Web3 ecosystem once again.

Security specialists urge the implementation of better access controls and stronger protection for smart contracts to prevent possible breaches. There have been many recent attacks, which shows the need for better security in the digital asset industry.

A Wake-Up Call for the Industry.

As UPCX strives to recuperate from the hack and enhance its system security, such incidents allude to the risks associated with a decentralized platform. The digital asset space is constantly evolving, and there is plenty of emphasis on the use of new security frameworks. UPCX and other systems must address vulnerabilities to prevent future exploits and maintain user trust.

author avatar
CryptoCorn
CryptoCorn is Editor and Author at 4C Media Co. and covers all stories and news related to Crypto & Finance. Excellent blogger and Passionate Crypto Trader. Follow her on twitter at @cryptocorn7.
Advertisement

You May Also Like

Cryptocurrency

Though European banks are unable to keep up with the demand, the crypto market is attracting more attention these days. Though consumer and business...

Cryptocurrency

In a significant turn for the cryptocurrency industry, the US Securities and Exchange Commission (SEC) is no longer moving forward with its inquiry into...

Cryptocurrency

Amid the financial pressure on many companies to examine Bitcoin, it is estimated that a quarter of the S&P companies will have Bitcoin in...

Cryptocurrency

A court has tentatively lifted the three-month ban on Upbit, the largest digital asset exchange in South Korea, marking a significant development for the...

polkadot
Polkadot (DOT) $ 4.00 2.46%
bitcoin
Bitcoin (BTC) $ 83,623.41 1.82%
ethereum
Ethereum (ETH) $ 1,814.17 3.64%
cardano
Cardano (ADA) $ 0.649062 4.94%
xrp
XRP (XRP) $ 2.04 3.80%
stellar
Stellar (XLM) $ 0.260174 2.74%
litecoin
Litecoin (LTC) $ 83.88 1.15%