Altcoin listed in major exchanges hit by a massive hack attack

According to Crypto Security company Cyvers, the notable Altcoin appears to have been hit by a major hack.

Cyvers has announced that their system has detected a number of suspicious transactions, including UPCX (UPC) AltCoin.

According to security experts, the malicious actor controlled the address 0x4c….3583E, changed the “proxyAdmin” contract and ran the “extreagbyAdmin” function. As a result, 18.4 UPC tokens worth approximately $70 million were transferred from three different management wallets.

Currently, all funds are at address 0xff7….334 and the attacker has not yet converted the stolen tokens into other cryptocurrencies.

However, UPCX developers have described development as “fraud activity” through their official X account. In response to the attack, the developer temporarily halted the sediment and withdrawal of UPCX. They argued that user assets were safe and unaffected by the attack. They are investigating the issue and added that they will provide an update soon.

UPC is listed on major cryptocurrency exchanges such as Bitget, MEXC and Gateio, and Altcoin lost about 5% of its value in the attack. At the time of writing, UPC has a market capitalization of $337 million.