The UXLINK project faced a devastating chain of events Monday after a hacker successfully compromised its core administrative controls.
The breach began when the attacker executed a function to remove the existing admin and appoint themselves as the new owner of the multi-signature wallet.
From this position of control, they looted stablecoins and ETH, then turned to the token contract itself, minting an estimated 10 trillion UXLINK tokens.
The subsequent dumping of these tokens on decentralized exchanges triggered a panic, wiping out more than two-thirds of the token’s value in a matter of hours.
