UXLINK, a Web3 social platform that markets itself as a social networking platform, suffered a hack that may have resulted in the theft of millions of dollars in assets. Since then, the platform's token price has fallen more than 70%.

On Monday, the UXLINK team confirmed that it had discovered a security breach related to its multisig wallet, "resulting in a significant amount of cryptocurrency being illegally transferred to both centralized and decentralized exchanges."

Today, we discovered unauthorized minting of UXLINK tokens by an attacker. We strongly recommend all community members not to trade UXLINK on decentralized exchanges at this time to avoid potential losses from these unauthorized tokens," the project reported.

This occurred after Cyvers Alerts experts noted that an ETH address had delegated, removed the administrator role, and added a new multisig owner. The hacker then transferred nearly $4 million in USDT, $500,000 in USDC, 3.7 WBTC, and 25 ETH.

Lookonchain later reported that the hacker also sold UXLINK tokens on decentralized exchanges through six wallets, receiving at least 6,732 ETH for approximately $28.1 million.

Most of the hacker's assets were frozen by major exchanges, minimizing further risks to the community, according to the Lookonchain post.

UXLINK also warned that the attacker was continuing to issue their tokens. Approximately 10 trillion UXLINK were issued on Monday. According to CoinGecko, this caused the price of UXLINK to fall more than 70% to $0.08912.