What happened to UXLINK wallet?
UXLINK's multi-signature wallet was hacked due to a smart contract vulnerability. The attackers stole around $11.3 million worth of crypto assets, including USDT, USDC, WBTC, ETH, and UXLINK tokens. This caused the UXLINK token value to drop by 70-77%.
*What's happening now?*
The UXLINK team is working with security firms, exchanges, and law enforcement to freeze the stolen funds and recover as much as possible. They're also planning a token swap to restore the token supply's integrity.
*What's next?*
1. *Security scrutiny*: This hack will likely lead to closer scrutiny of multi-sig and delegateCall usage in smart contracts.
2. *Token swap challenges*: The token swap might be complicated, and there's a risk of execution issues.
3. *Market confidence*: Many token holders might be hesitant, and the price rebound could be slow.
4. *Exchange actions*: Some exchanges might suspend trading for the token or flag addresses related to the hack.
*Twist: Attacker gets hacked*
In a surprising turn, the attacker's wallet was phished, losing around $48 million worth of UXLINK tokens. This shows that even the attacker wasn't safe after the hack.