Open-source payment solution, UPCX has suffered a cyber attack that paved the way for an unauthorized movement of $70 million worth of digital assets from the platform. According to a security alert raised on Tuesday by blockchain security firm, Cyvers, the attackers stole 18.4 million UPC tokens. 

Cyvers narrated how the hacker gained access to a UPCX address and upgraded its ProxyAdmin contract. Furthermore, the bad actor went on to execute a function that permits admins to withdraw funds.

As a result of this upgrade, the attacker managed to transfer the stolen assets from three different management accounts. 

UPCX confirms attack 

However, UPCX has confirmed the transfer of $70 million from its platform admitting that it realized a suspicious activity involving its management account. 

Currently, UPCX has suspended deposits and withdrawal of funds as a result of the accident. The project went on to disclose that users’ deposits into the platform are safe, assuring that their funds are entirely safe. 

Additionally, the protocol said efforts are ongoing to investigate the issue. While UPCX is yet to confirm the cause of the exploit, there are indications that the hackers attacked as a result of compromised access control. 

Shortly after the attack, UPC token went down by 4% according to CoinMarketCap, and currently trading at $3.83. The dip abruptly brings the price rally of UPC that saw the token skyrocket by more than 46% in the last 30 days. 

Hackers stole $1.6 billion from crypto in Q1 2025

Meanwhile, the latest attack will further put the crypto sector on a red alert after losing just $33 million to cyber attacks in March. The largest exploit in March is a $13 million hack on decentralized finance protocol, Abracadabra.Money. 

Significantly, a crypto hacker who moved $5 million from decentralized exchange, 1inch network refunded 90% of the loot helping to reduce the total funds lost to cyber attack in March. The massive $1.5 billion hack on Bybit represented the majority of the funds the sector lost to hackers in February.

In a new report by Peckshield, a blockchain analytics company revealed that the virtual assets landscape lost more than $1.6 billion to bad actors in the first quarter of the year. Likewise, the loss in Q1 2025 represented a 131% year-over-year hike from the first quarter of 2024 when the sector lost $706 million to hackers then. 

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