The AI-Powered Web3 Social Platform and Uxlink Infrastructure has seen its crypto token collapse more than 90% after a malicious actor who has been a billion billion unauthorized tokens.
On Tuesday, the project announced that it has identified a violation involving its multisignature wallet. The company said a significant amount of crypto was improperly transferred to centralized and decentralized exchanges (DEX).
Uxlink said it reached the exchanges to freeze the weakening deposits and reported the law enforcement incident. In another update, the company confirmed Some of the funds are frozen with the help of exchanges.
“A big part of the stolen ownership is that -frozen, and the cooperation with the exchanges remains strong,” Uxlink said.
From breaking the multisig to mass token mininting
After confirming the violation, that —flag the uxlink that the attack has started The unauthorized minting of tokens.
Blockchain Security Company Peckshield Says The hacker initially posted 1 billion UXLINK tokens, warning entrepreneurs to prevent contact with the crypto asset. Peckshield said the attacks mastered another 1 billion tokens after the first mint.
After these initial mints, the hacker maintains UXLINK tokens. Onchain analysts in Hacken Attached that the hacker has mininted nearly 10 trillion tokens.
Despite the massive mint, Hacken said the attack exchanged 9.95 trillion tokens for 16 ether (Eth), costs about $ 67,000. The company estimated the general losses from an incident of more than $ 30 million.
In response to unauthorized token mints, the uxlink to the public reached Exit the centralized exchange (CEX) to temporarily suspend its token trade. The company also said it would start a token swap plan to protect its ecosystem.
Price crashing and attacking attacks
As the security incident occurred, the Uxlink token took place Saw A steep decline, which drops 90% from $ 0.33 to $ 0.033. At the time of writing, the token recovered at $ 0.11.
Meanwhile, the onchain review company is lookonchain That -flag That while the attack was busy with the tokens of the minin, more than 500 billion UXLINK tokens were lost by a phishing attack.
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UXLINK asks users to stay alert and follow official channels
In a update, the company Says There are no signs of individual wallets affected by the attack. However, UXLINK urges users to remain alert and only follow the official communication channels as their source of information.
The company said it was working on the token swap plan and would announce it as soon as possible. “Further details and instructions for token swap will be announced shortly,” Uxlink write.
In its latest update, Uxlink Says It has submitted a new intelligent contract for a security audit. The company said the new contract will have a fixed supply, ensuring that no new tokens will be created.
The company also said it is preparing a comprehensive report of the incident in collaboration with security partners.
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