UXLINK: Will deploy a new token contract on the Ethereum mainnet, exchange old tokens at a 1:1 ratio, and remove the minting/burning functionality

BlockBeats News: On September 25th, UXLINK posted the latest security incident update on social media, stating that the new UXLINK contract will be deployed on the Ethereum mainnet with a total token supply of 1 billion, and will be exchanged with the old UXLINK contract at a 1:1 ratio. The new contract removes the mint-burn function, and the cross-chain functionality will be achieved through a partner's cross-chain service.

The migration plan is divided into two parts: one for centralized exchange platforms (CEX) and the other for on-chain users. Eligibility for the exchange will be determined based on a snapshot taken when the hacker first made a transfer. The first batch of exchanges on CEX is expected to be completed within 1-5 working days, with additional compensation timeframes depending on the recovery of stablecoins. Most of the stolen and already unlocked UXLINK tokens have been suspended from trading, while some are still in circulation. A separate compensation plan will be provided for affected users.

UXLINK is actively recovering assets sold by the hacker through DEX, cross-chain bridges, and CEX. Based on the recovery progress, UXLINK will offer a compensation plan to the community (including CEX users), including but not limited to: buyback programs, staking rewards/benefits, and transaction incentives.