UXLINK is moving forward with efforts to manage the aftermath of the hack that compromised millions of its tokens, progressing with token migration while preparing recovery measures for affected users.
Summary
- UXLINK hack recovery efforts are gaining momentum as the protocol finalizes the new smart contract for its token swap.
- Legally circulating UXLINK tokens will be swapped on a 1:1 basis, while stolen or illegally issued tokens will not be eligible.
- The protocol has outlined a two-phase compensation plan, supporting affected users first and then restoring losses from any recovered assets.
Recovery efforts following the UXLINK hack are gaining traction. Per the latest security update, the protocol has finalized the new smart contract for its token swap, which is now ready for deployment.
Submissions for the migration plan and incident report to major exchanges and the Digital Asset eXchange Association (DAXA) have also been made, marking key steps in securing legitimate tokens and preventing further exploits.
UXLINK tokens held legally will be swapped on a 1:1 basis, while stolen or illegally issued tokens will not be eligible. The team added that most of the stolen tokens have been suspended, though some remain in circulation and are being actively monitored.
An official on-chain swap portal is expected to launch within five working days, while individual exchanges may follow their own schedules depending on internal and regulatory processes.
Meanwhile, efforts to recover the stolen funds are still in progress. While recent asset shuffles and movements by the attacker complicates the outlook for full recovery, UXLINK doubled down that it is working with regulators in Singapore, Korea, and Japan, as well as leading security experts, to track hacker-linked wallets and prevent further misuse.
UXLINK hack compensation plans
As part of the ongoing post-exploit measures, the protocol has also outlined a two-phase compensation strategy for affected users.
Per its update, the first phase will focus on supporting users holding tokens impacted during the UXLINK hack, ensuring that legitimate holders are protected and can recover their assets as the migration progresses.
The second compensation phase is linked to the ongoing recovery efforts, which will further restore losses incurred from any recovered assets from frozen or tracked hacked wallets. UXLINK added that all hack compensation measures will be being handled transparently, aiming to protect the community while the token migration continues.
Source: https://crypto.news/uxlink-hack-token-swap-plans-advance-as-protocol-prepares-compensation/
