UXLINK to hold community vote after $11M exploit

UXLINK has announced a community governance vote via Snapshot that is expected to go live on October 4, 2025. It will be open to Ethereum mainnet $UXLINK holders. The vote is part of the platform’s attempt to do damage control as it struggles to right itself after an exploit caused millions more tokens to be minted and sold. UXLINK revealed plans to take the snapshot vote on X earlier today, October 3. According to the post, community members will decide between having an early unlocking of a portion of tokens for those affected by the hack using all recovered funds (from exchanges), litigable team’s and treasure’s proportion for compensation. If the majority goes with the first option, the team wrote that it would be covered in the swap & compensation plans with CEXs and on-chain users. “We will try our best to resume new UXLINK trading on most exchanges and encourage our existing holders to vote. We’re committed to fairness and transparency throughout the swap and compensation process.” Members are split over the vote The vote is an effort from the platform to shore up the damage caused by an exploit that happened last month. However, community sentiment is split. Analysts have warned that if the early unlock is successful, 5–10% of the supply may enter circulation earlier than anticipated, which raises concerns about dilution, even though it will also allow for quicker compensation and possible relistings on exchanges. That could stabilize sentiment and encourage recovery similar to other post-hack rebounds. However, there is a potential for further decline if the proposal is rejected or relistings are pushed back. Analysts say true recovery will ultimately depend on whether governance offers a credible route to restoring liquidity and exchange access. The UXLINK exploit has been eventful The UXLINK exploit was a major security breach that was reported on September 22, 2025, when hackers targeted a vulnerability in its multi-signature wallet, which allowed them to mint billions of $UXLINK tokens unauthorized. This pushed the token supply from 1 billion to over 10 trillion, followed by rapid sales on centralized (CEX) and decentralized (DEX) exchanges. The hacker ultimately got away with $11.3 million in ETH, WBTC, and stablecoins, which were rerouted through Ethereum and Arbitrum. The project’s token price took a hit as trading volume spiked and liquidations followed, falling by more than 70% after the breach, wiping out nearly $70 million in market value. However, that is not the best part. In an ironic twist, the hacker also found himself a victim of a phishing attack not long after, which ultimately cost them $48 million worth of the stolen $UXLINK. Yu Xian, founder of SlowMist, has hinted at the possible group behind the exploit. According to a post shared by Yu on X, he said that “the approximately 542 million UXLINK tokens stolen earlier may have been phished away by the Inferno Drainer using ordinary authorization phishing methods.” Claim your free seat in an exclusive crypto trading community - limited to 1,000 members.