Major Hack Hits UPCX (UPC) Altcoin, $70 Million Stolen
Crypto security firm Cyvers has reported a significant hack affecting the UPCX (UPC) altcoin. According to Cyvers, suspicious transactions were detected involving the UPCX token, leading to a large-scale security breach.
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.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
