{"id":126248,"date":"2025-04-01T14:21:47","date_gmt":"2025-04-01T14:21:47","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126248"},"modified":"2025-04-01T14:21:47","modified_gmt":"2025-04-01T14:21:47","slug":"hacker-transfers-70m-out-of-payment-platform-upcx","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126248","title":{"rendered":"Hacker transfers $70M out of payment platform UPCX"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsUpdate April 1, 1:42 pm UTC: This article has been updated to add comments from Cyvers co-founder and chief technology officer Meir Dolev.<br \/>\nAn unauthorized party withdrew about $70 million in digital assets from open-source payment platform UPCX, according to a security alert issued on April 1.<br \/>\nThe blockchain security firm Cyvers flagged suspicious activity involving 18.4 million UPC tokens, estimating the value of the compromised funds at $70 million.<br \/>\nCyvers said someone accessed a UPCX address and upgraded its ProxyAdmin contract. The attacker then executed a function that allows admins to withdraw, leading to fund transfers from three different management accounts.\u00a0<br \/>\nAt the time of writing, the stolen tokens had not been swapped for other crypto assets.<br \/>\nCointelegraph contacted UPCX for comment but did not receive an immediate response.\u00a0<br \/>\nUPC price dips by 7% amid unauthorized transfer<br \/>\nUPCX acknowledged it had detected \u201cunauthorized activity\u201d involving its management accounts. The team suspended deposits and withdrawals for UPCX in response to the incident. It said user assets are unaffected by the issue and it is actively investigating the matter.\u00a0<br \/>\nUPC\u2019s token price dropped amid news of the incident. According to CoinGecko, UPC\u2019s token prices dropped 7%, from a high of $4.06 to a low of $3.77 during the incident.\u00a0<br \/>\nUPCX 24-hour price chart. Source: CoinGeckoRelated: Hacker steals $8.4M from RWA restaking protocol Zoth<br \/>\nUPC hack mirrors previous attack patterns<br \/>\nIn a statement, Cyvers co-founder and chief technology officer Meir Dolev told Cointelegraph that while the root cause of the attack remained under investigation, these types of incidents often stem from compromised credentials or flawed access control mechanisms.\u00a0<br \/>\nDolev told Cointelegraph that both of these vulnerabilities have been the predominant cause of Web3 losses in 2024. The executive said the same causes were responsible for over 80% of the stolen funds during the year.\u00a0<br \/>\nThe cybersecurity executive also said the attack pattern was similar to previous exploits. Dolev told Cointelegraph:\u00a0<br \/>\n\u201cThis incident mirrors attack patterns we\u2019ve documented in prior exploits, where access to critical administrative roles enabled malicious upgrades and fund drainage.\u201d<br \/>\nThe executive added that the hack underscored an urgent need to enhance security around wallet permissions, multisignature implementations and runtime transaction validation.\u00a0<br \/>\nThe $70 million stolen in the incident would more than double the amount lost in the previous month. In March, crypto stolen from hacks only reached $33 million.\u00a0<br \/>\nMagazine: Memecoins are ded \u2014 But Solana \u2018100x better\u2019 despite revenue plunge<a href=\"https:\/\/cointelegraph.com\/news\/unauthorized-entity-transfers-70-m-out-of-payment-platform-upcx?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsUpdate April 1, 1:42 pm UTC: This article has been updated to add comments from Cyvers co-founder and chief technology officer Meir Dolev. An unauthorized party withdrew about&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126248"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126248"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126248\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126248"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}