UXLINK Security Breach Results in $28.1M Loss to Hacker

Web3 platform UXLINK experienced a significant security breach on September 22, involving unauthorized minting of 2 billion UXLINK tokens.
The attacker obtained about 490 million tokens and exchanged them for approximately 6,732 ETH (around $28.1 million) through decentralized exchanges.
Authorities, blockchain security firms, and exchanges are involved in freezing suspicious assets; some funds have been successfully frozen.
Ironically, the hacker became a victim of a phishing scam, losing 542 million UXLINK tokens (worth $48 million) to another group believed to be linked to the Inferno Drainer network.
The phishing attack exploited a malicious “increaseAllowance” contract.
The incidents led to a 75% drop in UXLINK token value, from above $0.30 to around $0.08, with over $100 million lost in market cap.
UXLINK advises against trading its tokens on decentralized exchanges and plans a token swap to maintain ecosystem integrity.
This event follows another recent DeFi exploit where New Gold Protocol lost $2 million.