Cyvers in the News

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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Bybit exploit exposes security flaws in centralized crypto exchanges

^{According to Meir Dolev, co-founder and chief technical officer at Cyvers, the attack shares similarities with the $230 million WazirX hack and the $58 million Radiant Capital hack.} Dolev said the Ethereum multisig cold wallet was compromised through a deceptive transaction, tricking signers into unknowingly approving a malicious smart contract logic change.