Security experts found that malicious actors gained control of the address 0x4C….3583E, altered the ‘ProxyAdmin’ contract, and executed the ‘withdrawByAdmin’ function.
This resulted in the transfer of approximately $70 million worth of 18.4 million UPC tokens out of three separate management wallets. All the stolen funds are currently located at address 0xFf7….334, with the attackers yet to convert the stolen tokens into other cryptocurrencies.
Developer Response and Suspension of Operations
In response to the attack, UPCX developers acknowledged the unauthorized activity via their official X account. They temporarily suspended UPCX deposits and withdrawals, assuring users that their assets were safe and unaffected by the breach. The development team is actively investigating the incident and promises to provide an update soon.
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Impact on UPCX’s Market Value
Following the hack, UPCX saw a decline in value, losing approximately 5% of its worth. The altcoin, which is listed on major exchanges such as Bitget, MEXC, and Gate.io, currently holds a market cap of $337 million.
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