UPCX Halts Operations Following Unauthorized $70 Million Withdrawal

The team at cryptocurrency platform UPCX has detected suspicious activity in the account of one of its administrators. According to their statement, user assets remain unaffected and secure.

?Security Notice: Unauthorized Activity Detected?

UPCX has identified unauthorized activity involving our management account. As a precautionary measure, we are taking immediate action to ensure platform security.

? UPCX deposits and withdrawals are temporarily suspended.
?…

— UPCX® Official (@Upcxofficial) April 1, 2025

The service has temporarily suspended deposits and withdrawals.

Analysts at Cyvers also reported a series of suspicious transactions on the platform. According to their data, an attacker gained access to one of the addresses, updated the ‘ProxyAdmin’ contract, and executed the ‘withdrawByAdmin’ function. This led to the transfer of 18.4 million UPC (~$70 million) from three different management accounts.

?ALERT?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… pic.twitter.com/ytCmwpNtE1

— ? Cyvers Alerts ? (@CyversAlerts) April 1, 2025

Currently, all funds remain at the recipient’s address, with no swaps detected so far, Cyvers added.

The investigation into the incident is ongoing.

Back in March, the DeFi protocol SIR.trading lost its entire TVL amounting to $355,000 due to a hack.