As a result of a major cyber attack on April 1, 2025, the UPCX platform suffered a loss of $ 70 million. A total of 18.4 million UPC Token was stolen. Interestingly, the stolen crypto currencies still stand in the wallet of the hackers and have not yet been released.
Hackers targeted the management accounts of the crypto platform
Cyvers Cyvers, crypto security firm, detected a major security violation this morning. More than one suspicious transactions were targeting UPCX’s management accounts. Although the company did not provide detailed information about security measures, Cyvers revealed the dimensions of the attack:
Someone increased the ‘proxyadmin’ contract by accessing 0x4c… .3583e, and running the ‘withdryadmin’ function and transferred 18.4 million UPC (about 70 million dollars) from three different management accounts.
This statement of Cyvers on social media revealed how big the incident was. The fact that UPCX was an open -source crypto payment system made the security vulnerabilities be noticed faster, but could not prevent the greatness of the attack.
Theft that exceeds the amount of token in circulating
According to Coingecko data, the attackers stole almost five times the assets that are currently in circulation in the market. The total supply of the UPC tokens was about 4 million, while the attackers managed to play 18.4 million token.
This great theft caused a serious decline in the price of UPC. The UPC Token, which depreciated by more than 4 %, led to panic among investors.
Although this attack of 70 million dollars is a major blow to UPCX, it has not yet had a significant impact on the general market. One of the biggest attacks of the crypto currency world had only taken a month ago, and the community is still evaluating the effects of this event.
Since UPCX is a relatively small platform, the sharing they accepted the security violation was viewed by only 10,000 users.
Hackers haven’t made moves yet
Interestingly, the UPC Token, which has been stolen since the attack, has not been moved. It is thought that hackers are difficult to transform these assets into a reputable money. Trying to sell the stolen assets as far as five times the amount of token in the circulating token can even further reduce the value of UPC tokens.
This attack constitutes an unusual situation in various respects. Although a large amount of assets are stolen, the attack does not have a major impact in the crypto currency market. However, the fact that attackers try to sell these beings in the future may adversely affect the recovery of UPCX in the long run.
For the time being, all eyes are in studies to identify the identity of the attackers and to freeze stolen assets. If this is not achieved, the recovery process in front of UPCX may be quite difficult.
