{"id":11528,"date":"2025-09-23T18:24:02","date_gmt":"2025-09-23T18:24:02","guid":{"rendered":"https:\/\/cryptonewsdesk.com\/?p=11528"},"modified":"2025-09-23T18:24:13","modified_gmt":"2025-09-23T18:24:13","slug":"uxlink-plans-token-swap-after-11-3m-hack-and-ongoing-unauthorized-minting","status":"publish","type":"post","link":"https:\/\/cryptonewsdesk.com\/index.php\/2025\/09\/23\/uxlink-plans-token-swap-after-11-3m-hack-and-ongoing-unauthorized-minting\/","title":{"rendered":"UXLINK Plans Token Swap After $11.3M Hack and Ongoing Unauthorized Minting"},"content":{"rendered":"\n<p>Decentralized social platform <strong>UXLINK<\/strong> has announced it will launch a <strong>token swap<\/strong> after falling victim to a major exploit that drained millions and left its token supply compromised.<\/p>\n\n\n\n<p>The incident, which was first flagged by blockchain security firm Cyvers on <strong>Sept. 22<\/strong>, stemmed from a <strong>multi-signature wallet breach<\/strong>. Hackers exploited a \u201cdelegateCall\u201d vulnerability that granted them administrator-level control over UXLINK\u2019s smart contracts. With this access, they siphoned off <strong>$11.3 million in assets<\/strong>, including <strong>$4.5 million in stablecoins<\/strong> and major tokens such as <strong>ETH and WBTC<\/strong>.<\/p>\n\n\n\n<p>But the damage didn\u2019t stop there. The attacker also <strong>minted between 1\u20132 billion UXLINK tokens<\/strong> on Arbitrum. Roughly <strong>490 million tokens<\/strong> were immediately transferred and sold across decentralized exchanges, with proceeds bridged to Ethereum and swapped into <strong>6,732 ETH<\/strong> worth about <strong>$28.1 million<\/strong> at today\u2019s prices.<\/p>\n\n\n\n<p>The fallout was swift: UXLINK\u2019s token price collapsed more than <strong>70%<\/strong>, dropping from <strong>$0.30 to just $0.09<\/strong>, wiping out roughly <strong>$70 million in market cap<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">UXLINK\u2019s Response<\/h3>\n\n\n\n<p>In a <strong>Sept. 23 security update on X<\/strong>, the team confirmed that the hacker is still minting new tokens without authorization. To contain the damage, UXLINK is <strong>working with major centralized exchanges<\/strong> to suspend deposits and freeze stolen funds. Upbit and others have already intervened, halting inflows of compromised tokens.<\/p>\n\n\n\n<p>Importantly, UXLINK stressed that <strong>user wallets remain safe<\/strong> and were not directly impacted by the breach. The project has also engaged security firm <strong>PeckShield<\/strong> to assist with investigation and auditing, while law enforcement agencies are now involved in recovery efforts.<\/p>\n\n\n\n<p>To restore confidence and repair its ecosystem, UXLINK will soon <strong>initiate a token swap<\/strong>. The move is designed to protect existing holders, remove the impact of the hacker\u2019s minted tokens, and realign supply with the project\u2019s original whitepaper.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Looking Ahead<\/h3>\n\n\n\n<p>The team emphasized its commitment to <strong>transparency<\/strong> and its responsibility to safeguard its reported <strong>55 million users<\/strong>. Details of the token swap and recovery process will be shared through official channels in the coming days.<\/p>\n\n\n\n<p>While some of the hacker\u2019s funds have already been frozen, the unauthorized minting continues to be a major challenge making the token swap the project\u2019s most urgent path forward.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Decentralized social platform UXLINK has announced it will launch a token swap after falling victim to a major exploit that drained millions and left its token supply compromised. The incident, which was first flagged by blockchain security firm Cyvers on Sept. 22, stemmed from a multi-signature wallet breach. Hackers exploited a \u201cdelegateCall\u201d vulnerability that granted&#8230;<\/p>\n","protected":false},"author":3,"featured_media":11529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[929,109,682],"class_list":["post-11528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-crypto-theft","tag-tokenization","tag-uxlink"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UXLINK Plans Token Swap After $11.3M Hack and Ongoing Unauthorized Minting - Crypto News<\/title>\n<meta name=\"description\" content=\"UXLINK suffered a $11.3M hack after its multi-sig wallet was breached, leading to unauthorized token minting and a 70% price crash. 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