UXLINK has finalized a brand new sensible contract audit because it prepares for a token migration following a current exploit that allowed the hacker to mint tokens.
Abstract
- UXLINK audit confirms new fixed-supply token contract.
- Hack on Sept. 22 drained $11.3M and minted billions in UXLINK tokens.
- Attacker later fell sufferer to phishing assault, dropping 542M UXLINK tokens.
UXLINK has handed a safety audit for its redesigned token contract and is making ready for a migration following a multi-sig breach that drained tens of millions and led to mass unauthorized minting.
The UXLINK (UXLINK) group posted the replace on X on Sept. 24, stating that the brand new Ethereum (ETH) contract had handed its audit and can be deployed on the mainnet as a part of an emergency token-swap plan.
The group stated it has eliminated the mint–burn operate, will hold the UXLINK ticker for continuity, and is submitting migration particulars to centralized exchanges. It additionally plans to reply to an inquiry by Korea’s Digital Asset eXchange Affiliation right now.
What the audit fixes and the way the migration will work
The audited contract units a hard and fast provide and drops on-chain minting to forestall repeat exploits. UXLINK stated cross-chain interoperability will depend on associate providers fairly than a local mint operate.
The migration plan is supposed to realign provide with the mission’s whitepaper and to revive confidence after the compromise. Centralized exchanges have been briefed and most have pledged help or momentary suspensions whereas the swap is coordinated.
Extra on UXLINK exploit
On Sept. 22 attackers used a “delegateCall” vulnerability to grab admin rights over UXLINK’s multi-signature pockets. That allowed transfers of roughly $11.3 million in property, together with stablecoins, ETH, and WBTC, and enabled the attacker to mint between 1 and a couple of billion UXLINK tokens on Arbitrum.
About 490 million of these tokens have been dumped on decentralized exchanges, bridged to Ethereum, and swapped for roughly 6,732 ETH, in keeping with chain evaluation. The minting and sell-off pushed UXLINK down greater than 70%, from about $0.30 to roughly $0.09.
Safety companies and exchanges moved shortly. PeckShield joined the probe, and main CEXs together with Upbit froze suspect deposits, limiting additional laundering. Legislation enforcement has been notified and restoration procedures are energetic.
UXLINK attacker falls sufferer to phishing rip-off
In an sudden twist, the attacker was later phished. ScamSniffer and on-chain investigators flagged a subsequent approval-based drain that moved roughly 542 million UXLINK to phishing wallets tied to the Inferno Drainer community. One giant switch totaled 433,583,532 UXLINK.
That siphon diminished the exploiter’s usable holdings, although the attacker nonetheless realized substantial proceeds.
UXLINK says frozen addresses are below restoration procedures and that group losses shall be dealt with with transparency and compensation. The audited contract and migration are the subsequent steps in that effort. The group urged customers to comply with solely official channels for migration directions.
