UXLINK project was hacked: tens of millions of cryptocurrency were stolen, the token depreciated by 70%, exchanges are freezing assets.

Hackers hacked UXLINK: token collapsed by 70%

Web3 platform UXLINK confirmed the hacking of its multi-signature wallet. According to Cyvers Alerts, the hacker removed the administrator, added a new multi-sig and transferred at least $4 million USDT, $500 thousand USDC, 3.7 WBTC and 25 ETH. Lookonchain estimates the total losses at over $28 million – the attacker sold UXLINK through several wallets, receiving 6,732 ETH.

Illegal mint and token collapse

The attacker was also able to issue about 10 trillion new UXLINK tokens. This caused the price to plummet by more than 70% to $0.089, according to CoinGecko.

Reaction from the project and exchanges

UXLINK reported that a significant portion of the hacker’s assets had been frozen on major exchanges and urged users not to trade the token on DEXs. The team is contacting CEX to suspend trading and is preparing a swap plan.