Another week, another breach! Are hackers infiltrating the core of blockchain to exploit it and steal millions? Following the recent malicious NPM package attack and compromise of the decentralized exchange Bunni, here comes another major attack — the UXLINK hack.
Security breach involving multi-sig wallet
The Web3 platform, UXLINK, has confirmed that hackers have taken control of admin rights and exploited $11.3 million in funds from its multi-signature wallet! The bad actors illegally transferred the huge amount to the Ethereum and Arbitrum networks.
Blockchain security firm Cyvers took to X to explain the UXLINK hack. Their system has detected the $11.3 million suspicious transactions, and an Ethereum address executed a delegateCall, removed the admin role, and called “addOwnerWithThreshold”. In short, the hackers took over a smart contract by altering roles. After these malicious acts, they transferred the millions in funds to Ethereum and Arbitrum.
The total $11.3 million stolen fund includes $4 million in USDT, $500,000 in USDC, 3.7 WBTC, and 25 Ethereum.
Unauthorized minting of UXLINK tokens
Just hours after the multi-sig wallet hack, UXLINK announced another malicious act on its platform. The platform executives have detected that a bad actor is illicitly minting UXLINK tokens. To prevent further exploitation, UXLINK has reached out to leading centralized and decentralized exchanges to temporarily suspend UXLINK trading. Some of these exchanges have frozen the hacker’s assets, as reported by the UXLINK team.
Why are hackers peeping into crypto?
Crypto is a perfect storm for hackers. With instant money, open code, rising prices, and 24/7 liquidity, hackers find their way into crypto to plant malicious seeds and steal millions of dollars. Unlike traditional finance, decentralized finance often lacks robust oversight and security. Now, you may raise a doubt: doesn’t crypto have stricter regulations in several countries? And the answer is yes. While some countries have comprehensive frameworks, others lack proper rules to oversee digital assets. As the crypto sector evolves, hackers also move with the rhythm, deploying sophisticated techniques to exploit blockchain technology.
