- UXLink suffered a major security breach, leading to the unauthorized minting of nearly 10 trillion tokens.
- The incident caused the UXLINK token price to drop over 90% before a partial recovery.
- Stolen assets worth over $30 million were transferred, but some funds have been frozen with exchange support.
- UXLink is planning a token swap and has submitted a new smart contract for a security audit.
- The company urges users to follow official channels and says individual wallets were not affected.
UXLink, a Web3 social platform supported by Artificial Intelligence, reported a severe breach involving its multisignature wallet on Tuesday. A Hacker used access from this breach to create billions of unauthorized UXLINK tokens, causing the token’s value to drop sharply.
According to UXLink, the hacker started transferring large amounts of the stolen tokens to both centralized and decentralized cryptocurrency exchanges. Security analysts from PeckShield confirmed the attacker initially minted 1 billion UXLINK tokens and continued until almost 10 trillion tokens were created. Hacken, another security firm, estimated losses at more than $30 million.
The company stated, “A large portion of the stolen assets has already been frozen, and collaboration with exchanges remains strong.” In response, UXLink has requested exchanges to temporarily suspend token trading and announced plans for a token swap to protect its ecosystem. The project has also contacted law enforcement about the incident.
Onchain analysis by Lookonchain revealed an unexpected development: while the hacker was minting tokens, they lost over 500 billion UXLINK through a phishing attack. Despite minting almost 10 trillion tokens, the attacker was only able to swap 9.95 trillion of them for 16 Ether, worth about $67,000.
After the attacker’s actions, UXLINK’s price fell from $0.33 to $0.033, down over 90%, but later recovered to $0.11. UXLink maintains that individual user wallets were not impacted but encourages users to stay alert and rely solely on official communications.
The company has submitted a new smart contract for security auditing, stating that this updated contract will have a fixed token supply so no additional tokens can be minted. UXLink plans to release a full incident report in cooperation with its security partners and share detailed instructions on the upcoming token swap with affected users.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Shiba Inu (SHIB): Risks Grow Amid High Supply and Meme Rivalry
- Boerse Stuttgart Digital Enters Spain, Eyes Crypto Market Growth
- Binance Coin Eyes $1,520 as Analyst Predicts Massive Surge
- Thai, Korean Police Bust $15M Scam Ring; 25 Arrested in Crackdown
- $1702 Alaska Stimulus Check: 2025 Payment Dates, Eligibility, Updates
