South Korea’s biggest exchange, Upbit listed Uxlink just hours after the Web3 social media app reportedly suffered a $11 million attack.
However, amidst investors’ concerns, the exchange has incorporated a safety mechanism to help traders make informed decisions.
Uxlink drops by 70% despite the Upbit list
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At the time of writing, UXLink token prices have been trading at $0.09404, down almost 70%.
Despite the incident, South Korea’s biggest exchange, Upbit lists UXLink as a trading warning token. The exchange revealed the movement in the official X (Twitter) post and made clear the designation notification.
Please read the post “UXLink transaction warning designation notification. UXLINK (UXLINK/KRW, UXLINK/BTC, UXLINK/USDT) has been designated as transaction warning items by DAXA member companies.”
Based on the post, UXLink trades against Korean Won (KRW), Bitcoin (BTC) and Tether’s USDT Stablecoin.
The Digital Asset Exchange Association (DAXA) flags all these trading pairs with investment warnings.
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DAXA was founded to promote healthy development in the digital asset industry. We advocate for investor protection by creating a transparent and safe trading environment.
In particular, UXLink’s designation as an investment asset is consistent with the provisions of the Enforcement Order of the Virtual Asset User Protection Act.
“UXLink’s deposit services have already been suspended. The resumption of deposit services will be announced following the procedures as warning assets after the designation process,” Upbit said in a statement.
Why Upbit relies on Uxlink Cautionary designation
Upbit attributed the designation to a recent hacking incident, adding that the issuer of the UXLink token failed to properly disclose important information about the asset.
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“These issues illustrate multiple flaws that can cause user losses. Therefore, Upbit designates Uxlink as a careful investment asset for investor protection,” Exchange clarified.
The designation that began at 12:00 KST on September 23rd may last until 23:59 KST around October 17th, 2025. However, this period depends on the results of the review.
Until then, this notification will not reflect your Uxlink deposits on your account. Deposits created are eligible for returns.
Elsewhere, UXLink revealed its ongoing efforts to track stolen tokens, highlighting collaboration with other exchanges.
“Most of the stolen assets have already been frozen, and cooperation with the exchange remains strong,” Uxlink revealed.
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The social media platform is reportedly leveraging support from blockchain analytics tool Peckshield to support ongoing investigations and strengthen recovery efforts.
Nevertheless, it has made it clear that there are no indications of individual user wallets to be targeted for attacks. Against this background, we have presented plans to compensate and create all accounts affected by the entire attack.
Peckshield warns users from interaction with Uxlink tokens as the hacker has acquired the role of Mint.
The bad actor reportedly has already minted 2 billion Uxlink tokens on arbitrum.
Users have already criticised the increase in supply, explaining the decline in Uxlink prices.
