UPCX, a decentralized payment network, has suspended deposits and withdrawals following a security breach that resulted in an estimated loss of $70 million. The breach, confirmed by blockchain security firm Cyvers, involved unauthorized access to the management account and exploitation of a smart contract vulnerability. The stolen funds, consisting of approximately 18.4 million UPC tokens, remain in a single wallet. This incident is part of a broader trend in the cryptocurrency sector, where over $1.6 billion has been lost to hacks in the first quarter of 2025 alone, marking a 303% increase from the previous quarter. The rise in cyberattacks is raising concerns about the security of decentralized finance platforms and the need for improved operational security measures.