Cyvers in the News

UPCX Assures Users After Unauthorized Transfer of 18.4MTokens

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

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.

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Hacker Steals $70 Million in UPC Tokens After Gaining Control of UPCX Smart Contract

Cyvers, which traced the suspicious activity to a contract upgrade by the attacker.

This attack follows patterns seen in previous exploits, according to Cyvers’ co-founder Meir Dolev. He pointed out that compromised credentials and flawed access control mechanisms were often to blame for such breaches. He noted that these issues accounted for over 80% of Web3-relatedlosses in 2024. Dolev also stressed the importance of improving security measures, particularly for wallet permissions and multisignature implementations, to prevent future incidents.

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Hacker transfers $70M out of payment platform UPCX

The blockchain security firm Cyvers flagged suspicious activity involving 18.4 million UPC tokens, estimating the value of the compromised funds at $70 million.

In 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. 

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