UXLINK Hacker Falls Victim To Phishing Attack, Still Retains Huge Profits
The UXLINK hack saga has one other unusual twist, as the unique perpetrator was focused by a phishing rip-off. Whoever they had been, this hacker misplaced $48 million in property.
Despite this, they managed to revenue no less than $28 million by minting and promoting new UXLINK tokens. The agency plans to alter its token protocols to forestall an identical incident sooner or later.
UXLINK Thief Profits Despite New Hack
Yesterday’s $11 million UXLINK hack brought on a big raucous within the crypto neighborhood, particularly as a result of the perpetrator was capable of gain a mint role over the token. This allowed them to mint 2 billion new tokens on Arbitrum, considerably disrupting Upbit’s UXLINK itemizing.
However, the tables have apparently turned in a humorous vogue. One day after finishing up the UXLINK hack, the perpetrator fell sufferer to a phishing assault, dropping $48 million in brief order:
Indeed, the unique perpetrator misplaced way more UXLINK tokens than they stole within the hack. This displays the staggering extent of their minting spree, which was apparently the principle supply of earnings.
For instance, the hacker managed to launder no less than $28.1 million into ETH earlier than the phishing incident passed off.
All issues thought-about, this can be a tidy revenue, particularly as a result of the preliminary hack solely yielded round $11 million in UXLINK and different tokens. Even if the phishing assault put an finish to this minting spree, the perpetrator may nonetheless ostensibly think about this crime a hit.
Resolving the Minting Chaos
Needless to say, this chaotic hack has been very taxing on the UXLINK staff. According to a latest update, these crimes have undermined each “the UXLINK whitepaper and the neighborhood’s consensus.”
In response, builders are taking a number of measures to stabilize the scenario.
First, the staff confirmed that earlier plans for a token swap are going to occur. Several “main CEX companions” expressed their “full assist” in conducting an unspecified token swap plan, which goals to re-stabilize the flailing UXLINK economic system.
UXLINK has additionally ready a brand new good contract to forestall one other hack incident from inflicting this chaos. Moving ahead, the token can have a set provide, stopping criminals from hijacking the mint performance.
Developers requested a third-party safety audit of this contract, and are making ready a complete incident report of their very own.
These measures have prevented additional worth collapse, however it’ll take numerous effort to rebuild buyer belief. UXLINK could have to alter its whole token paradigm within the wake of this hack. The agency’s replace notes that the mint-and-burn capabilities had actual utility in cross-chain interactions.
Now, nonetheless, UXLINK’s new whitepaper might want to discover one other answer.
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