Cyvers in the News

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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UPCX Suffers $70 Million Hack, Tokens Remain in Perpetrator’s Wallet

Cyvers crypto security firm traced the hack to a breach in the ProxyAdmin contract, executing a withdrawal function.

Cyvers, a crypto security firm that has tracked and uncovered several major crimes, identified a serious hack this morning. Multiple suspicious transactions took place involving UPCX’s management account, and the firm acknowledged suspicious activity. Cyvers showed the extent of the hack.

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