UXLINK Token Swap to Address Multi-Sig Wallet Exploit
UXLINK is gearing up for a token swap following a significant security breach. Hackers exploited the project’s multi-signature wallet, leading to unauthorized token minting and asset theft.
On September 23,UXLINK announced a security update on X. It revealed that a malicious actor is still minting UXLINK tokens without permission. The team is collaborating with major exchanges to halt trading and will soon launch a token swap to restore the project’s economy.
The breach was first noticed on September 22 by blockchain security firm Cyvers. Hackers exploited a “delegateCall” vulnerability to gain admin rights. This allowed them to steal about $11.3 million in assets, including $4.5 million in stablecoins and tokens like ETH and WBTC.
The attacker also minted 1-2 billion UXLINK tokens on Arbitrum, selling 490 million across decentralized exchanges. The proceeds were bridged to Ethereum and swapped into ETH, totaling around 6,732 ETH ($28.1 million).
Despite exchange interventions, the token supply remains compromised. UXLINK’s price fell over 70%, from $0.30 to near $0.09, erasing about $70 million in market cap.
UXLINK assured users that their wallets were not directly affected. Most stolen funds have been frozen on exchanges,and law enforcement is involved. PeckShield is assisting with the investigation.
With ongoing unauthorized minting, UXLINK plans a prompt token swap to protect holders and realign the supply. Further instructions will be shared through official channels. The team remains committed to its 55 million users and ensuring transparency.
