On the morning of September 23, news broke of a major attack on the Web3 platform UXLINK. The company confirmed that attackers had withdrawn significant amounts of cryptocurrency and then proceeded to uncontrollably issue their own tokens, causing their value to plummet by 70% in a single day.

On the evening of September 22, the UXLINK team reported that their multi-signature wallet had been compromised, and assets were transferred to both centralized and decentralized exchanges. Some of the stolen funds were already frozen; however, by the next morning, the attack continued: according to the company, the attackers had begun unauthorized creation of new UXLINK tokens. In effect, the criminals were generating assets “out of thin air,” sharply increasing token supply.

Experts recorded the issuance of at least 2 billion tokens, which at the time of reporting were valued at approximately $183 million. Amid these events, the platform developers appealed to major exchanges to suspend trading of their coin, but by then, the price had already collapsed.

Specialists reported losses exceeding $21.7 million. It was also discovered that the attacker’s address had signed a malicious increaseAllowance permission, resulting in around 542 million UXLINK being transferred to phishing wallets. The team immediately faced sharp criticism from industry experts. It was noted that after the first signs of the breach, the developers had been inactive for more than 10 hours, allowing the attackers to calmly return and continue their manipulations.

The situation then took an unexpected turn: according to Lookonchain, the attacker himself fell victim to phishing, losing 542 million UXLINK tokens (about $48 million). No further details about this episode are available yet, but it highlights that control over assets in the ecosystem was precarious, even for criminals.

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