TLDR
- Upbit has listed UXLINK despite the social media app suffering an $11 million hack.
- The exchange has designated UXLINK as a trading warning token to protect investors.
- UXLINK’s price has dropped nearly 70% following the recent security breach.
- DAXA flagged UXLINK for safety concerns after the hacking incident.
- Upbit suspended deposit services for UXLINK and will review the token before resuming deposits.
Upbit, South Korea’s largest cryptocurrency exchange, has listed UXLINK, despite the social media app suffering an $11 million hack. The exchange flagged the token as a trading warning, raising concerns among investors. The price of UXLINK has dropped almost 70% following the attack.
Upbit Flags UXLINK as Trading Warning Token
Upbit recently announced it would designate UXLINK as a trading warning token. The exchange made this move after the hack caused a significant security breach. UXLINK will trade against the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).
The exchange explained that DAXA member companies flagged the token after concerns about its safety.
“UXLINK Trading Warning Designation Notice. UXLINK (UXLINK/KRW, UXLINK/BTC, UXLINK/USDT) has been designated as a trading warning item by DAXA member companies,” the exchange said in an official post.
The Digital Asset eXchange Association (DAXA) aims to safeguard the digital asset market by promoting transparency and security. DAXA’s warning shows the increasing importance of protecting investors from potential risks. Upbit took action swiftly, suspending deposits for UXLINK to prevent further complications.
PeckShield Warns Users Over UXLINK Hack
The recent attack on UXLINK has caused widespread concern. The social media platform was reportedly hit with an $11 million hack, leading to a drastic decrease in token value.
“The issuer of the UXLINK token failed to disclose material information about the asset properly,” Upbit stated.
In response to the attack, Upbit suspended deposit services for UXLINK. The exchange indicated that deposit services would resume once the token is fully reviewed. However, this suspension has added to the uncertainty surrounding UXLINK’s future.
The hack has also led to severe token inflation. PeckShield, a blockchain analytics firm, warned users about interacting with UXLINK. The hacker gained the minting role and minted two billion UXLINK tokens on Arbitrum, which flooded the market.
🚨🚨🚨 Do *NOT* interact with $UXLINK token !!!
The token is now compromised as today's @UXLINKofficial hacker has gained the mint role and 1B $UXLINK tokens were just minted on arbitrum.
Here is the unauthorized 1B mint: https://t.co/JEiJ5HS8iR https://t.co/39j31kKw9I pic.twitter.com/yqqxzbpelT
— PeckShield Inc. (@peckshield) September 23, 2025
Ongoing Efforts to Recover Stolen Assets
UXLINK has made efforts to track and freeze the stolen assets. The team has been working closely with other exchanges to recover the funds. A portion of the stolen tokens has already been frozen, and the platform continues to collaborate with exchanges.
Despite these efforts, PeckShield has cautioned against interacting with UXLINK, as the hacker still holds the mint role. The increased token supply has contributed to the drop in UXLINK’s price. Users have raised concerns about the long-term impact of the hack on the token’s value.
UXLINK stated it would compensate affected users and make them whole. The platform has confirmed there are no signs of individual user wallets being directly targeted by the attack. The ongoing investigation aims to mitigate further risks and restore trust.
