UXLINK Web3 Social Media Platform Hit by $11 Million Security Breach - Here’s What Went Down

Another day, another crypto heist—UXLINK joins the not-so-exclusive club of Web3 platforms learning security lessons the hard way.

The Breach Breakdown

Hackers exploited vulnerabilities in the social finance platform's infrastructure, making off with digital assets worth millions. The $11 million incident highlights the persistent security challenges facing decentralized social networks.

Platform Under Pressure

UXLINK's team scrambled to contain the damage while users faced service disruptions. The platform—which bridges social connections with blockchain transactions—now faces the classic crypto dilemma: transparency versus security.

Industry-Wide Implications

This breach serves as another reminder that in Web3, your keys aren't always your coins—sometimes they're the hacker's lottery ticket. Traditional finance folks are probably enjoying their 'I told you so' moment while sipping overpriced coffee.

The incident puts UXLINK at a crossroads: rebuild trust through transparency or watch users migrate to the next shiny thing in the rapidly evolving social-fi space.

Major UXLINK Hack

UXLINK is an ambitious project, aiming to create a new AI-powered social infrastructure for Web3 ecosystems. Since its launch in 2023, it gained a lot of notoriety, but a recent hack may cause real problems.

Cyvers reported a major suspected hack at UXLINK involving $11.3 million in suspicious transactions. Essentially, one address used delegateCall to remove the admin role, adding a new multisig owner with addOwnerWithThreshold.

This enabled nefarious actors to start draining assets.

Urgent Security Notice

We have identified a security breach involving our multi-signature wallet, resulting in a significant amount of cryptocurrency being illicitly transferred to both CEXs and DEXs.

Our team is working around the clock with both internal and external security…

Apparently, this hack led to a total of $11.3 million in assets drained from UXLINK. $4 million was in USDT tokens, and other stolen assets include USDC, WBTC, and ETH.

One wallet also received UXLINK tokens worth around $3 million, and immediately began selling around $800,000 worth.

A Crisis in Confidence?

After the hack, this rapid sell-off led to a 1700%+ increase in transaction volume for the UXLINK token. Between the actual criminals and ambient panic selling in the market, this token’s value rapidly collapsed.

The token lost more than $70 million in market cap over the past hour.

It’s unclear what percentage of the firm’s total assets were involved in this security breach, but that’s not the biggest concern. With intense sell pressure and liquidations, the firm will need to get ahead of this PR crisis to prevent a greater lack of confidence.

In situations like this, consumer trust can be much harder to replace than any lost tokens.