Upbit Flags UXLINK Trading Warning Token As Hacker Gains Mint Role
Upbit, the biggest Korean change, has listed UXLINK solely hours after the web3 social media app reportedly suffered an $11 million assault.
Amidst investor considerations, nevertheless, the change included security mechanisms to assist merchants make knowledgeable selections.
UXLINK Drops 70% Despite Upbit Listing
As of this writing, the UXLINK token value is down nearly 70% to commerce for $0.09404, a bitter sentiment fueled by the latest attack on the social media app.
Despite the incident, the biggest Korean change, Upbit, has listed UXLINK as a buying and selling warning token. The change revealed the transfer in an official X (Twitter) put up, articulating the designation discover.
“UXLINK Trading Warning Designation Notice. UXLINK (UXLINK/KRW, UXLINK/BTC, UXLINK/USDT) has been designated as a buying and selling warning merchandise by DAXA member corporations,” read the put up.
Based on the put up, UXLINK will commerce towards the Korean Won (KRW), Bitcoin (BTC), and Tether’s USDT stablecoin.
Digital Asset eXchange Association (DAXA) has flagged all these buying and selling pairs with an funding warning.
DAXA was established to advertise the sound growth of the digital asset business. It advocates for investor safety by making a clear and safe buying and selling surroundings.
Notably, the designation of UXLINK as a cautionary funding asset aligns with stipulations within the Enforcement Decree of the Virtual Asset User Protection Act.
“The deposit service for UXLINK has already been suspended. Resumption of deposit providers might be introduced following procedures after the designation as a cautionary asset,” Upbit said in an announcement.
Why Upbit Resorted to UXLINK Cautionary Designation
Upbit ascribed the designation to the latest hacking incident, including that the issuer of the UXLINK token did not disclose materials details about the asset correctly.
“These points point out a number of deficiencies that might doubtlessly trigger consumer losses. Therefore, Upbit is designating UXLINK as a cautionary funding asset for investor safety,” the change articulated.
The designation, which began on September 23, 12:00 KST, might proceed till round October 17, 2025, 23:59 KST. However, this period will depend on evaluation findings.
In the meantime, and from this discover, UXLINK deposits is not going to be mirrored in accounts. Any deposits made might be topic to return.
Elsewhere, UXLINK revealed ongoing efforts to trace the stolen tokens, highlighting collaboration with different exchanges.
“A big portion of the stolen property has already been frozen, and collaboration with exchanges stays robust,” UXLINK revealed.
The social media platforms are reportedly additionally leveraging assist from the blockchain analytics device PeckShield to assist the continuing investigation and strengthen restoration efforts.
Nevertheless, it articulated that there aren’t any indicators of particular person consumer wallets focused by the assault. Against this backdrop, it indicated plans to compensate and make all accounts affected by the assault complete.
For its half, PeckShield has cautioned customers towards interacting with the UXLINK token, because the hacker has gained the mint role.
Reportedly, the dangerous actor has already minted two billion UXLINK tokens on Arbitrum.
Users are already decrying the elevated provide, which explains the drop in UXLINK value.
The put up Upbit Flags UXLINK Trading Warning Token As Hacker Gains Mint Role appeared first on BeInCrypto.
