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UXLINK: New hope after a million-dollar hack – this is what happens next!
UXLINK is working on recovery after a hack, planning token swaps and compensating affected users. Current developments.
UXLINK: New hope after a million-dollar hack – this is what happens next!
The UXLINK platform is currently navigating the aftermath of a hack that compromised millions of its tokens. Loud Crypto News Those responsible are working on migrating the tokens and preparing measures to support the affected users.
A new smart contract for token swaps has already been finalized and is about to be deployed. The details of the swap strategy include that legitimately circulating UXLINK tokens are swapped at a 1:1 ratio, while stolen or illegally issued tokens are excluded from this process.
Two-phase compensation plan
The protocol has outlined a two-phase compensation plan. The first phase will benefit users who held tokens that were affected during the hack. The second phase aims to replace losses from the recovered assets.
The UXLINK incidents are also reported to major cryptocurrency exchanges as well as the Digital Asset eXchange Association (DAXA). To better monitor the affected tokens and increase security, most of the stolen tokens have already been withdrawn from circulation, but some remain in circulation and are being closely monitored.
Cooperation and recovery
The official swap platform is expected within the next five working days. However, it is emphasized that individual exchanges can follow their own token swap schedules. Efforts to recover stolen funds continue, although recent asset movements by the attacker bring additional complications.
UXLINK is also working closely with regulators in Singapore, Korea and Japan, as well as security experts, to track the wallets linked to the hacker. All compensation measures will be made transparent during the token migration process to regain user trust.