UPCX, a decentralized payment network, has announced the temporary suspension of deposits and withdrawals following the detection of unauthorized activity involving its management accounts. In an update shared via X, the company emphasized that user assets remain secure and unaffected.
Blockchain security firm Cyvers confirmed the incident, stating that it involved the transfer of 18.4 million UPC tokens valued at approximately $70 million from three separate management accounts. This incident comes on the heels of a recent massive security breach at Bybit, where alleged Lazarus Group hackers stole approximately $1.5 billion in digital assets.
According to Cyvers, its security system determined that an unauthorized person had gained access to the address 0x4C….3583E and “upgraded the ProxyAdmin contract.” The individual then executed the “withdrawByAdmin” function, resulting in the unauthorized transfer of the UPC tokens.
“As a precautionary measure, we are taking immediate action to ensure platform security,” UPCX stated in its official announcement.
The company claimed that action was taken before any malicious swaps or further transfers could occur. UPCX’s reassurance regarding the status of user assets was backed by Cyvers, which had not detected any swaps at the time of writing.
UPCX has assured its users that it is actively investigating the incident and will provide further updates as soon as possible. The company has also expressed gratitude for the community’s patience and cooperation during this time.
“We appreciate your patience and cooperation. Thank you for your continued support,” UPCX stated.
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