UXLINK Suffers Major Security Breach
UXLINK, a decentralized finance (DeFi) platform managing multi-chain tokens, recently faced a serious security breach. The attack targeted its multi-signature wallet, allowing hackers to move a large amount of cryptocurrency illegally. The stolen funds were transferred to both centralized exchanges (CEXs) and decentralized exchanges (DEXs).
At 5:40 PM UTC, about 14 hours ago, UXLINK confirmed the breach. The team said they were working nonstop with internal and external experts to identify the cause and contain the damage. Major exchanges were contacted immediately to freeze suspicious deposits. Authorities and police were involved to assist with legal and recovery efforts. UXLINK promised to keep its community informed throughout the process.
Recovery Efforts and Token Minting Issue
Ten hours after the initial alert, UXLINK shared an update. Most stolen tokens had been frozen due to quick action by major exchanges. The platform hired security firm PeckShield to help investigate and recover funds. UXLINK confirmed that regular user wallets were not affected. Protecting community assets and compensating those impacted remain top priorities.
At 1:36 AM UTC, UXLINK issued another update. It revealed unauthorized minting of UXLINK tokens, violating the project’s whitepaper. The team warned users to avoid trading $UXLINK on decentralized exchanges. These fake tokens could cause financial losses. UXLINK said it will soon launch a token swap to restore the token economy and follow the whitepaper guidelines.
Phishing Exploit and Emergency Response
Security researcher Scam Sniffer reported that the hacker used a phishing exploit involving a malicious increaseAllowance approval. This allowed about 542 million UXLINK tokens, worth roughly $45.5 million, to be sent to phishing addresses. According to Arbiscan, 108 million UXLINK (~$9.1 million) went to one address, and 433 million UXLINK (~$36.4 million) to another.
UXLINK has asked major exchanges to temporarily halt UXLINK trading. The team is preparing a token swap to address the issue. They emphasized transparency, fund recovery, and asset safety while working to rebuild trust in the project.
UXLINK Price Plummets Following Breach
Following the breach announcement, UXLINK’s price dropped nearly 99.99% in one day to $0.0000009065. Its market capitalization fell to about $4,340. Despite the price crash, 24-hour trading volume surged to $485.19 million, indicating heavy trading activity amid the crisis.
