UXLINK Rocked by $11.3 Million Exploit - Token Crashes Over 70% in Market Chaos
Another day, another crypto bloodbath—UXLINK joins the hall of shame after a devastating security breach.
The Attack Unfolds
Smart contract vulnerabilities opened the floodgates, letting attackers drain $11.3 million in digital assets. The exploit triggered panic selling that vaporized over 70% of UXLINK's token value within hours. Trading charts look like a cliff dive—straight down with no safety net.
Market Fallout
Liquidity pools evaporated faster than a meme coin's promises. The token's collapse wiped out leveraged positions and left retail investors holding empty bags. Yet another reminder that 'code is law' until someone finds the loophole.
Security Questions Linger
Audits clearly missed critical flaws, raising eyebrows about due diligence in DeFi's wild west. Teams are scrambling to patch systems while token holders demand answers—and refunds.
Just when you thought crypto winter was thawing, the industry serves up a classic 'hold my beer' moment. That decentralized future? Still waiting for the security part to catch up.
Details of the Breach
Blockchain security firm CyversAlerts alerted the community to the breach via an X post, noting that it had detected $11.3 million in suspicious transactions involving the web3 social project. Their analysis reveals that the hacker used an ethereum address to carry out a “delegateCall,” stripped away the admin role, and installed a new owner with special permissions.
They proceeded to move the funds, including $4 million in USDT, $500,000 in USDC, 3.7 WBTC, and 25 ETH. The stolen USDT and USDC were then converted to DAI on Ethereum, while USDT on Arbitrum was swapped to ETH and bridged back to the former. Not long after, a second address linked to the attack received 10 million UXLINK tokens worth around $3 million, with some already being traded.
UXLINK later confirmed the incident on X, stating, “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.”
The company said it was working with internal and external security experts to identify the cause of the hack and contain the damage. It added that major platforms had been contacted to freeze suspicious UXLINK deposits, with coordination underway to stop further fund transfers. The case has also been forwarded to law enforcement and other authorities to speed up legal action and recovery efforts.
UXLINK Plunges by Over 70%
Despite intervention from exchanges such as Upbit, the exploit has severely impacted the token’s supply. In an update, the crypto project disclosed that the hacker had started minting UXLINK tokens.
PeckShieldAlert noted that between 1 and 2 billion were created on Arbitrum, nearly doubling the token’s circulating supply. Roughly 490 million of these were dumped across DEXs and CEXs, causing a sharp sell-off. UXLINK’s price dropped by more than 70%, sliding from $0.30 to roughly $0.09, and wiping out around $70 million in market capitalization.
Although Upbit reportedly froze $5–7 million worth of assets, most of the stolen funds, converted into 6,732 ETH valued at $28.1 million, remain under the attacker’s control. In an interesting twist, the exploiters also later fell victim to a scam by the Inferno Drainer group, losing over 542 million stolen tokens.
UXLINK has since announced plans for a token swap to restore supply integrity and compensate affected holders. Further instructions will be issued through its official accounts.
