Uxlink is the victim of $ 11.3 million exploit, token is falling by more than 70%

UXLINK suffered an exploit on 22 September that struck more than $ 11.3 million in assets from the project.

The incident included hackers who used a vulnerability in the multi-signature wallet of the project with which they could get administrator rights.

Details of the infringement

Blockchain security company Cyversalerts warned The community to the infringement via an X -post and noted that it had discovered $ 11.3 million in suspicious transactions with the social project of Web3. Their analysis shows that the hacker used an Ethereum address to perform a ‘Delegatecall’, took the adminrol away and installed a new owner with special permissions.

They continued 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 into Dai on Ethereum, while USDT was exchanged on arbitrum to bridge ETH and back to the first. Not long afterwards, a second address coupled with the attack 10 million UXLink -Tokens worth around $ 3 million, some of which were already traded.

Uxlink later confirmed The incident on X and stated: “We have identified a security break in which our multi-signature wallet is involved, resulting in a considerable amount of cryptocurrency that is illegally transferred to both CEXS and DEXs.”

The company said that it collaborated with internal and external security experts to identify the cause of the hack and to contain the damage. It added that large platforms were contacted to freeze suspicious UXLINK deposits, with coordination to stop further fund transfers. The case has also been forwarded to law enforcement and other authorities to accelerate legal action and recovery efforts.

Uxlink dives with more than 70%

Despite intervention of trade fairs such as Upbit, the exploit has seriously influenced the range of token. In an update, the crypto project that the hacker had started mover UXLINK -Tokens.

Peckshieldalert noted That between 1 and 2 billion on arbitrum was created, so that the circulating stock of the token was almost doubled. About 490 million of these were dumped over Dex’s and CEXS, which caused a sharp sale. The price of Uxlink fell by more than 70%, sliding from $ 0.30 to around $ 0.09 and the wage of around $ 70 million in market capitalization.

Although UPBIT reportedly has frozen $ 5-7 million in assets, most stolen funds, converted into 6,732 ETH with a value of $ 28.1 million, remain under control of the attacker. In an interesting turn, the exploiters later also fell victim to a scam by the Inferno Drainer Group, to lose More than 542 million stolen tokens.

Uxlink has since then announced Plans for a tokens swap to restore the integrity of the delivery and to compensate for affected holders. Further instructions are issued through his official accounts.