The SocialFi UXLINK project has just become the focus of the cryptocurrency community when it was hacked, causing a loss of more than 11 million USD in just a few hours. According to initial information, the cause comes from a vulnerability in the project's Multisignature wallet system. This is considered a safe security layer for transactions, but this vulnerability opened the way for hackers to illegally transfer a large amount of assets to CEX and DEX exchanges.
Immediately after the incident, the UXLINK development team coordinated with blockchain security experts to conduct an investigation. At the same time, they also urgently contacted many major exchanges to block suspicious transactions, preventing hackers from withdrawing or “laundering” the stolen assets. However, in the crypto world, recovering hacked assets is often extremely difficult, due to the decentralized nature and near-instantaneous transaction speeds.
The security shock had an immediate impact on the market. The Token price $UXLINK dropped from $0.30 to $0.10, a loss of nearly 70%. Many retail investors said they lost almost everything overnight, while the community questioned the project team's risk management capabilities.
In fact, hacks in the SocialFi and DeFi space are on the rise. Over the past year, the blockchain industry has seen dozens of attacks with total losses reaching billions of dollars. These incidents show that the problem of cybersecurity in Web3 is still not completely solved. Even projects that are promoted as “safe” with Multisignature wallets or audited smart contracts are not immune to risks.
