UXLINK | Crypto

FearsOff CEO Marwan Hachem told Cointelegraph that it was risky to keep too much centralized control in projects that “claim to be decentralized.” Decentralized social platform UXLink said on Wednesday it was deploying a new Ethereum contract after a multisignature wallet exploit allowed attackers to mint billions of unauthorized tokens and crash the value of its native asset. UXLink said its new smart contract had passed a security audit and would be deployed on the Ethereum mainnet. The project said the new contract dropped the mint-burn function to prevent any similar incidents in the future.  The project confirmed the breach on Tuesday, saying that a significant amount of crypto was transferred to exchanges. Estimates of the losses from the hack vary, with Cyvers Alerts estimating it saw at least $11 million stolen, and Hacken placing the figure at more than $30 million.  Read more

Hackers breached UXLink’s multisignature wallet to steal about $30 million in assets and mint 10 trillion UXLINK tokens, but later got nabbed in a phishing scam. AI-powered Web3 social platform and infrastructure UXLink saw its crypto token collapse by over 90% after a malicious actor minted billions of unauthorized tokens.  On Tuesday, the project announced that it had identified a breach involving its multisignature wallet. The company said a significant amount of crypto was being illicitly transferred to centralized and decentralized exchanges (DEXs).  UXLink said it had reached out to exchanges to freeze suspicious deposits and reported the incident to law enforcement. In another update, the company confirmed some of the funds had been frozen with the help of exchanges.  Read more

UXLINK is a SocialFi infrastructure project that aims to make Web3 more accessible by reducing technical barriers. It simplifies onboarding, identity management, and user interaction across networks. At the core of its system is the Social Growth Layer, which connects Web2 and Web3 through account abstraction and social coordination tools. This includes the UXLINK ONE Chain, the One Account One Gas protocol, and a range of Social Growth protocols. UXLINK also integrates AI agents to help automate tasks such as community engagement and user support.