A major security breach has been reported involving Upcx, a cryptocurrency platform. Unauthorized access to its management account has resulted in the draining of approximately $70 million worth of UPC tokens. The breach was detected after suspicious transactions were identified, including an upgrade to the 'ProxyAdmin' contract and the execution of the 'withdrawByAdmin' function, which facilitated the transfer of 18.4 million UPC tokens from the affected account. In response to the incident, Upcx has temporarily suspended all deposits and withdrawals as a precautionary measure. Users are advised to remain vigilant and verify official updates before taking any action. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io