Crypto Exploit: UXLink Breach Leads to Billions of Tokens Minted and Over 70% Market Crash
UXLink has announced that its multi-signature wallet was hacked recently during a massive security breach. The investigators discovered that the attackers leveraged a vulnerability in smart contracts in its delegateCall functions. This enabled them to perform revocation of admin authority, take full ownership, and get control of the project assets of both the Ethereum and Arbitrum networks.
Once access was obtained, the attackers emptied the wallet of stablecoins, Ether, and wrapped . They also started minting UXLINK tokens unauthorisedly. The initial estimates of the new minting were one to two billion new tokens, but subsequent estimates indicated the possibility of up to trillions. According to UXLink, they reported the breach to law enforcement and were collaborating with security companies to monitor it.
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