UXLINK will hold its first token buyback this weekend, October 18-19, using funds recovered from centralized exchanges.
Summary
- UXLINK will hold a token buyback on October 18-19, funded by assets recovered from exchanges.
- All tokens repurchased will support the Exchange and Compensation Plan, approved by community governance to refund affected users.
- Future buybacks are planned, along with enhanced security and transparency measures.
This marks an important step in your post-hack recovery plan. In an October 14 announcement on X, UXLINK confirmed that the buyback will be funded with assets recovered from centralized exchanges, including Bybit and Bitget.
These funds were returned after last month’s security breach, which exposed a vulnerability in the UXLINK multi-signature wallet and caused losses of around $11.3 million in digital assets.
The buyback will take place on exchanges that have resumed UXLINK (UX LINK) trade following the project migration to a new Ethereum mainnet contract on September 25. The updated contract removed minting and recording permissions and added new security audits.
Community-governed UXLINK token buyback
All repurchased tokens will be used for the UXLINK Compensation and Exchange Plan, which was approved by the community on October 4 with 99.99% support. The plan ensures that both centralized exchange and on-chain users receive equal value by compensating all affected holders based on a snapshot taken on September 22 at 14:55 UTC.
The returned funds used for this initial buyback are a portion of the frozen assets recovered in partnership with security companies SlowMist and SEAL 911, who helped track stolen tokens and identify wallet movements across multiple chains. Further staged buybacks are expected as additional assets are recovered from cooperating platforms.
To support clearing liquidity, UXLINK discover Between 8% and 12% of community, team and treasury tokens, which were originally subject to long-term vesting rights. The change does not affect investor allocations and is limited to recovery purposes.
Strengthening UXLINK security
Since the attack, UXLINK has added hardware wallet integrations, quarterly red team testing, and expanded bug bounties, among other security updates. To increase user protection, the project has also implemented tiered onboarding and zero-knowledge verification.
These measures are part of a broader plan to improve the functionality and security of the platform, as well as restore community participation. Project recovery efforts have already revived activity, and community engagement in governance and social channels has increased more than five-fold since the attack.
