UXLINK Freezes Most Stolen Assets With Exchange Cooperation

UXLINK advances post-hack recovery by initiating token migration and preparing user compensation, while exchanges continue supporting asset freezing efforts.

165d ago

Summary

UXLINK confirmed ongoing recovery measures following its $11.3 million hack caused by a multisignature wallet vulnerability. The project is proceeding with token migration to secure the ecosystem and has announced preparations for user recovery plans. This follows earlier steps in which exchanges froze stolen assets and the hacker lost a large portion of tokens in a phishing scam. According to the company’s official statement, these measures are designed to restore confidence and mitigate the impact on affected users.

Terms & Concepts

Multi-Signature Wallet (Multi-Sig): A type of digital wallet requiring multiple private keys to authorize transactions, increasing security against single-point failures.
Token Migration: A process where a project replaces old or compromised tokens with new ones, often to restore trust or update tokenomics after security breaches.
Phishing Scam: A form of cyberattack where attackers impersonate legitimate entities to steal sensitive information or assets, often through deceptive emails or websites.