Crypto’s Bleeding Wound: $70M Vanishes into Thin Air

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🚨 “Crypto’s Bleeding Wound: $70M Vanishes into Thin Air” 🚨

Crypto’s Bleeding Wound: $70M Vanishes into Thin Air

And so, the farcical waltz of cryptocurrency’s Wild West continues. The latest spectacle: UPCX, a paragon of blockchain innovation, has been relieved of a trifling $70 million worth of tokens. A mere bagatelle, one might say, in the grand tapestry of crypto’s existential angst.

Enter our intrepid heroes, Cyvers, the blockchain security firm with eyes sharper than a Siberian owl. They spotted the suspicious sashay of 18.4 million UPC tokens, valued at a cool $70 million. One can almost hear the hackers’ maniacal laughter echoing through the digital ether.

As the forensic tango unfolded, it became apparent that the attacker had performed a daring feat of administrative legerdemain. With a few deft keystrokes, the ProxyAdmin contract was upgraded, and the ‘withdrawByAdmin’ function was executed with the finesse of a KGB operative. Poof! Funds from three management wallets vanished into the great digital beyond.

🚨ALERT🚨 Our system has detected multiple suspicious transactions involving @Upcxofficial

It appears that someone gained access to the address 0x4C….3583E, upgraded the ‘ProxyAdmin’ contract, and executed the ‘withdrawByAdmin’ function, resulting in the transfer of 18.4M… 🤦‍♂️

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 1, 2025

Unauthorized Activity Detected🚨

UPCX has identified unauthorized activity involving our management account. As a precautionary measure, we are taking immediate action to ensure platform security. Because, you know, that worked so well this time… 🙄

🔹 UPCX deposits and withdrawals are temporarily suspended.

🔹… (Insert sound of frantic backpedaling here)

— UPCX® Official (@Upcxofficial) April 1, 2025

The aftermath? The UPC token, that most mercurial of creatures, experienced a precipitous 7% decline, plummeting to a lowly $3.7. Because, in the immortal words of the great crypto sage, ” Markets can remain irrational longer than you can remain solvent…” 📉

And so, dear reader, we’re left to ponder the eternal conundrum of Web3’s existential crisis: can this rickety edifice of code and hubris ever be secured? Experts, those Cassandra-like figures, warn of the need for enhanced cybersecurity frameworks and better access controls. Ah, but we’ve heard that tune before, haven’t we? 🎶

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2025-04-01 23:01