- Reports indicate the UPCX platform was exploited by a hacker
- The attacker transferred more than 18.4 million UPC tokens—worth roughly $70 million—into a hacker-controlled wallet
- UPCX has acknowledged the incident and says an investigation is underway
Decentralized payments network UPCX has fallen victim to a recent crypto exploit that resulted in the theft of its native UPC tokens, valued at approximately $70 million. Blockchain security monitor Cyvers Alerts first reported the incident on April 1. According to Cyvers Alerts, an unauthorized actor gained access to key addresses within the UPCX ecosystem and drained UPCX funds after upgrading a “ProxyAdmin” contract and executing the “withdrawByAdmin” function.
🚨ALERT🚨Our system has detected multiple suspicious transactions involving @Upcxofficial
It appears that someone gained access to the address 0x4C….3583E, upgraded the ‘ProxyAdmin’ contract, and executed the ‘withdrawByAdmin’ function, resulting in the transfer of 18.4M… pic.twitter.com/ytCmwpNtE1
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 1, 2025
The attacker moved 18.4 million UPC tokens from three separate admin accounts into their wallets, an amount Cyvers estimates at around $70 million. Cyvers reports the stolen funds have since been consolidated into a new address where they remain; at the time of reporting there were no swaps or further transfers observed. Following the exploit, the UPCX team confirmed the breach and posted an official statement on X.
“UPCX has identified unauthorized activity associated with our administrative accounts. As a precautionary measure, we have taken immediate steps to secure the platform.”
UPCX says it has suspended deposits and withdrawals while the team actively investigates the incident and implements additional protective measures.
UPC token
The UPC token dropped sharply on the news. CoinGecko data shows the price fell roughly 5%, from about $4.02 to $3.77. Despite the decline, UPCX reassured the community that user funds remain safe, which helped temper wider panic. According to CoinGecko, UPC reached an all-time high of $5.27 on March 24, 2025. As the UPCX exploit investigation continues, the incident highlights ongoing security challenges across the blockchain and DeFi sectors. Platforms like UPCX aim to transform payments and financial services through decentralization, but persistent threats from hacks and exploits remain a major barrier to broader adoption. For now, the stolen UPC tokens—valued at roughly $70 million—remain in the attacker’s address, and the crypto community is watching closely for further developments.