In the early hours of September 23, 2025, security firm Cyvers detected abnormal transactions involving UXLINK, totaling approximately $11.3 million. After verification, UXLINK confirmed it had suffered a hacker attack. Once the news was announced, the token price plummeted by over 70% within a short period, causing a sudden collapse in market confidence.

The incident details show that the hacker manipulated the multi-signature wallet permissions, first removing administrator control, then transferring away millions of dollars worth of stablecoins, Bitcoin, Ethereum, and other assets, which were quickly exchanged and cross-chain transferred. Simultaneously, the hacker additionally minted 1 billion UXLINK tokens, nearly rendering its original token economy ineffective. Subsequently, some of the funds were sold for cash on centralized and decentralized exchanges. According to on-chain data, the hacker obtained ETH worth over $28 million, but some of these funds were suspected to have been stolen by phishing contracts, resulting in a "thief stealing from a thief" scenario.

Following the incident, the UXLINK team urgently issued a statement, claiming they had cooperated with multiple exchanges to freeze some assets and planned to initiate a token swap to restore market order. They also emphasized that users' personal wallets were not directly attacked and promised to announce compensation and recovery plans as soon as possible. However, Korean exchanges Upbit and Bithumb have listed it as a "trading warning," suspending deposits and withdrawals.

Security organization SlowMist pointed out that this incident most likely originated from the leakage of multi-signature private keys, indicating that even with a multi-signature mechanism, improper key management can still leave significant risks. This event undoubtedly serves as a wake-up call for the entire industry: technical security is not a panacea; key management and process protection are the core.

Since its establishment in 2023, UXLINK rapidly rose with its positioning as a Web3 social platform, receiving investments from renowned institutions such as OKX Ventures and HashKey, with its user base once exceeding 10 million. However, this hacker incident not only caused tens of millions of dollars in direct losses but also severely shook user and market confidence in it. The sharp drop in token price, the dilution of its ecological model, and increased compliance risks have all cast a shadow over UXLINK's future prospects.

In conclusion, whether UXLINK can regain trust through asset recovery and token swap remains unknown. This incident is not only a test for itself but also a profound reflection on the security and governance of the entire cryptocurrency industry.