Major Hack Hits UPCX (UPC) Altcoin, $70 Million Stolen

Security experts have discovered that malicious actors took control of the address 0x4C….3583E, modified the ‘ProxyAdmin’ contract, and carried out the ‘withdrawByAdmin’ function. This led to the movement of around $70 million worth of 18.4 million UPC tokens from three different management wallets to the address 0xFf7….334, where the stolen funds currently reside. The attackers have not yet converted the stolen tokens into other cryptocurrencies. In response to the incident, UPCX developers confirmed the unauthorized activity and temporarily halted deposits and withdrawals, ensuring users that their assets were secure. The development team is actively investigating the situation and plans to provide an update soon. Following the hack, UPCX experienced a decrease in value, losing about 5% of its total worth. The altcoin, traded on major exchanges like Bitget, MEXC, and Gate.io, now has a market cap of $337 million.