Ethereum News Today: "UXLINK's $11M Hack Forces Token Overhaul in DeFi Trust Rebuild"

UXLINK Holders Vote on Token Unlock After $11M Hack

UXLINK, a blockchain platform, is preparing to address a $11.3 million hack that compromised its multi-signature wallet and led to unauthorized minting of tokens. On September 22, 2025, a vulnerability in the platform's smart contract-specifically a delegateCall flaw-allowed attackers to gain administrative privileges, enabling them to drain $4.5 million in stablecoins and major tokens like ETH and WBTCUXLINK plans token swap as hacker continues minting tokens^[1]. The incident also triggered the minting of 1–2 billion UXLINK tokens on Arbitrum (ARB), with 490 million initially sold across decentralized exchanges. Proceeds were bridged to Ethereum, netting 6,732 ETH ($28.1 million at current prices) before exchanges intervenedUXLINK plans token swap as hacker continues minting tokens^[1].

The breach exposed critical weaknesses in UXLINK's security framework. The delegateCall vulnerability, a common smart contract flaw, allowed the attacker to manipulate the multi-sig wallet and mint tokens without authorization. The team confirmed ongoing unauthorized minting even after the initial breach, prompting urgent action. Exchanges like Upbit froze deposits to curb the exploit, but the token supply remained compromised, leading to a 70% price drop from $0.30 to $0.09 and erasing $70 million in market capitalizationUXLINK plans token swap as hacker continues minting tokens^[1].

UXLINK's response includes a token swap to realign the supply with its whitepaper rules and restore ecosystem integrity. The project announced plans to launch a fully audited smart contract to replace the compromised one, eliminating the mint-burn function that enabled the exploit. The new contract will enforce a fixed supply and partner-based cross-chain interoperability to prevent future unauthorized mintingUXLINK Token Migration: Security Overhaul After $11.3M Hack^[2]. The token migration, coordinated with major exchanges, aims to replace compromised tokens with new ones under the audited framework, ensuring continuity for holders.

The hack's aftermath also took an unexpected turn. On-chain investigators revealed that the attacker fell victim to a phishing scam, with 542 million UXLINK tokens drained from their wallet through an approval-based attack linked to the Inferno Drainer network. While this did not mitigate the broader damage, it highlighted the volatile nature of the exploit's falloutUXLINK Token Migration: Security Overhaul After $11.3M Hack^[2]. Meanwhile, UXLINK emphasized collaboration with PeckShield for auditing and law enforcement for asset recovery, with most of the hacker's funds frozen on exchangesUXLINK plans token swap as hacker continues minting tokens^[1].

For users, the token migration represents a critical step in rebuilding trust. The team has prioritized transparency, urging holders to follow official channels for migration instructions and remain vigilant against scams. The price collapse and supply inflation underscore the risks of smart contract vulnerabilities, a recurring issue in decentralized finance (DeFi). Analysts note that UXLINK's swift response-including a redesigned contract and audit-sets a benchmark for crisis management in the sectorUXLINK Token Migration: Security Overhaul After $11.3M Hack^[2].

Looking ahead, UXLINK aims to execute the token swap "promptly" while addressing community losses. The project's roadmap includes a PayFi system and social growth layer test net in 2025, though immediate focus remains on stabilizing the token economy. The incident underscores the need for rigorous smart contract audits and multi-sig wallet safeguards, lessons that could influence broader DeFi practicesUXLINK Token Migration: Security Overhaul After $11.3M Hack^[2].