UXLINK has cleared a security audit for its revamped token contract and is moving forward with a migration following a multi-sig breach that resulted in millions being drained and widespread unauthorized minting.
The UXLINK team shared the update on X on Sept. 24, confirming that the new Ethereum contract passed the audit and will be deployed on the mainnet as part of an emergency token-swap initiative.
According to the team, the mint–burn function has been removed, the UXLINK ticker will remain for continuity, and migration details are being submitted to centralized exchanges. They also plan to respond today to an inquiry from Korea’s Digital Asset eXchange Association.
The newly audited UXLINK contract sets a fixed token supply and removes on-chain minting to prevent future exploits. Cross-chain interoperability will now rely on partner services instead of a native mint function.
The migration is designed to realign token supply with the project’s whitepaper and restore confidence following the breach. Centralized exchanges have been informed, with most agreeing to support the swap or temporarily suspend trading while it is coordinated.
Details on the UXLINK exploit
On Sept. 22, attackers exploited a “delegateCall” vulnerability to gain admin rights over UXLINK’s multi-signature wallet. This allowed them to transfer roughly $11.3 million in assets—including stablecoins, ETH, and WBTC—and mint between 1 and 2 billion UXLINK tokens on Arbitrum.
Approximately 490 million of these tokens were dumped on decentralized exchanges, bridged to Ethereum, and swapped for about 6,732 ETH, causing UXLINK’s price to plummet over 70%, from around $0.30 to $0.09.
Security firms and exchanges responded rapidly. PeckShield joined the investigation, and major centralized exchanges, including Upbit, froze suspicious deposits to limit further laundering. Law enforcement has been notified, and recovery procedures are underway.
Attacker falls victim to phishing scam
In an unexpected turn, the attacker later fell victim to a phishing scam. On-chain analysis and ScamSniffer traced an approval-based drain of roughly 542 million UXLINK to phishing wallets linked to the Inferno Drainer network, including a single transfer of 433,583,532 UXLINK.
While this reduced the exploiter’s usable holdings, they still gained substantial proceeds.
UXLINK confirmed that frozen addresses are under recovery and that community losses will be addressed with transparency and compensation. The audited contract and token migration are the next steps in this process, and the team urged users to follow only official channels for migration instructions.
