UPCX, a prominent blockchain platform, has suspended operations after falling victim to a $70 million hack. Blockchain security firm Cyvers confirmed the attack. The hack has dealt a severe blow to the platform’s reputation and raised concerns about the security and integrity of blockchain systems.
UPCX Loses $70 Million
Cyvers revealed that the attackers gained unauthorized access to a key account address on the UPCX platform, 0x4C….3583E. This allowed them to take control of the ‘ProxyAdmin’ contract, which manages important parts of the platform.
The attackers then used this control to execute a function called ‘withdrawByAdmin, which is normally used for administrative purposes. However, in this case, it was used to steal 18.4 million UPCX tokens, worth around $70 million, from three management accounts. The attackers’ identity and motivations remain unknown, but their actions have caused trouble for the platform, and its users are now taking steps to protect their money.
UPCX Takes Immediate Action
In response to the security breach, the UPCX team promptly suspended all deposit and withdrawal transactions for the token. They assured users that their assets remain secure and unaffected by the incident.
They also confirmed that all affected funds are still situated at the address 0xFf7….334, and no transfers or exchanges have been detected so far. The team is currently conducting a thorough investigation into the matter.
The shutdown of UPCX’s operations has had a big impact on the community. Despite the platform’s assurance, many users and investors are still worried about the safety of their investments.
Meanwhile, in a separate incident, a hacker who fleeced zkLend of $9.4 million has reportedly become the victim of a phishing attack while attempting to launder the stolen funds using Tornado Cash. The perpetrator of the exploit successfully transferred the funds to Tornado Cash but could not keep the bounty. This incident highlights that the crypto industry still has many weaknesses and even those who do wrong can be cheated.
