UXLINK Token Swap to Address Multi-Sig Wallet Exploit
UXLINK is gearing up for a token swap following a significant security breach. A hacker exploited the projectās multi-signature wallet, leading to unauthorized token minting and asset theft.
On September 23, UXLINK announced the ongoing issue via a security update. the team is collaborating wiht major exchanges to halt trading and will soon initiate a token swap. This move aims to restore the integrity of the token supply.
The breach, disclosed on September 22, was flagged by blockchain security firm Cyvers.Hackers exploited a ādelegateCallā vulnerability, gaining admin rights and stealing about $11.3 million in assets. This included $4.5 million in stablecoins and tokens like ETH and WBTC.
The attacker minted 1-2 billion UXLINK tokens on Arbitrum,selling 490 million tokens for around 6,732 ETH ($28.1 million). The token price plummeted over 70%, from $0.30 to $0.09.
UXLINK reassures users that personal wallets were not compromised.Most stolen funds are frozen on exchanges,with law enforcement and PeckShield assisting in recovery. The token swap aims to protect holders and align the supply with the whitepaper.
For updates, follow official channels. UXLINK remains committed to its 55 million users,ensuring transparency throughout the recovery.
