🔍💰 The Great UXLINK Heist: When Crypto Met Chaos 🎭📉

by

UXLINK, a decentralized finance (DeFi) platform that prides itself on managing secure multi-chain tokens, recently found itself entangled in a web of chaos. A major security breach compromised its multi-signature wallet, allowing a substantial amount of cryptocurrency to be spirited away to both centralized exchanges (CEXs) and decentralized exchanges (DEXs).

Approximately 14 hours ago at 5:40 PM UTC, UXLINK issued an urgent notice, confirming the breach. The team, working tirelessly with internal and external experts, aimed to uncover the cause and mitigate the damage.

Major exchanges were swiftly contacted to freeze suspicious deposits, and authorities were enlisted to expedite legal and recovery efforts. UXLINK assured the community of its commitment to transparency and keeping them informed.

First Update on Recovery

About 10 hours after the initial alert, UXLINK shared an update indicating that most of the stolen tokens had been frozen, thanks to the rapid response of major exchanges. The security firm PeckShield was brought in to assist in the investigation and recovery of funds.

The team reassured users that regular wallets remained unaffected and emphasized their priority in safeguarding the community’s assets and compensating those impacted.

Unauthorized Token Minting

At 1:36 AM UTC, UXLINK disclosed that unauthorized UXLINK tokens had been minted, contravening the project’s official whitepaper. The community was warned against trading $UXLINK on decentralized exchanges, as these unauthorized tokens could lead to losses.

UXLINK affirmed that the whitepaper remains the definitive guide for token supply and announced plans for a token swap to rectify the situation and maintain the token economy.

Latest Discovery: Phishing Exploit

Scam Sniffer reported that the hacker employed a malicious increaseAllowance approval to a phishing contract, resulting in the transfer of approximately 542 million UXLINK, valued at roughly $45.5 million, to phishing addresses. Data from Arbiscan detailed the breakdown of these transfers.

Emergency Measures

UXLINK is taking swift action to address the crisis. Major exchanges have been urged to temporarily halt UXLINK trading, and preparations for a token swap are underway. The team pledged to remain transparent, recover the stolen funds, and restore trust in the project.

UXLINK Price Crashes After Update

Following the recent announcements, UXLINK’s price plummeted nearly 99.99% in a single day, dropping to $0.0000009065. Its market cap now stands at approximately $4.34K, while 24-hour trading volume surged to $485.19M, indicating heavy activity amidst the price collapse.

Read More

2025-09-23 11:33