#What Happened to UXLINK’s Token?
UXLINK's token experienced a dramatic decline of over 77% after a severe security breach involving its multi-signature wallet. The fall occurred on a Monday, with the token plummeting from $0.3 to $0.072. Following the initial shock, it did manage to recover slightly, climbing back above $0.1 according to CoinMarketCap data.
The breach was first identified by Cyvers Alerts, which noted unusual UXLINK transactions totaling approximately $11.3 million. The UXLINK team has confirmed that a malicious actor managed to mint tokens without authorization and that a significant amount of cryptocurrency assets was wrongfully transferred to various centralized and decentralized exchanges.
Collaboration with security experts is underway. The UXLINK team is now working alongside internal and external specialists, including PeckShield, to investigate the breach thoroughly. They reported that a significant portion of the stolen assets had been frozen. Their ongoing collaboration with exchanges aims to mitigate the damage and recover lost assets. Importantly, they reassured the community by stating that individual user wallets were not targeted.
What Measures Are Being Taken?
In response to this incident, the UXLINK team is taking urgent measures. They have contacted major exchanges to temporarily halt trading while they reassess the situation. Furthermore, they are initiating a token swap plan to manage the transition securely.
The incident has been formally reported to law enforcement and other relevant authorities. The UXLINK team has strongly recommended that community members refrain from trading UXLINK on decentralized exchanges at this time to avoid potential losses linked to the unauthorized tokens that have entered circulation. This offers a cautionary reminder of the vulnerabilities associated with cryptocurrency transactions, highlighting the need for security vigilance in the digital asset space.