UXLINK will conduct its first token buyback this weekend, Oct. 18–19, using recovered funds from centralized exchanges.
Summary
- UXLINK will do a token buyback on Oct. 18–19, funded by assets recovered from exchanges.
- All repurchased tokens will support the Swap & Compensation Plan, approved by community governance to reimburse affected users.
- Future buybacks are planned, alongside strengthened security and transparency measures.
This marks a major step in its post-hack recovery plan. In an Oct. 14 announcement on X, UXLINK confirmed that the buyback will be funded by assets recovered from centralized exchanges including Bybit and Bitget.
These funds were returned after last month’s security breach, which exposed a vulnerability in UXLINK’s multi-signature wallet and led to losses of about $11.3 million in digital assets.
The buyback will take place on exchanges that have resumed UXLINK (UXLINK) trading following the project’s migration to a new Ethereum mainnet contract on Sept. 25. The updated contract removed mint and burn permissions and added new security audits.
Community-governed UXLINK token buyback
All repurchased tokens will be used for UXLINK’s Swap & Compensation Plan, which was approved by the community on Oct. 4 with 99.99% support. The plan ensures that both on-chain and centralized exchange users receive equal value by compensating impacted all holders based on a snapshot taken on Sept. 22 at 14:55 UTC.
The returned funds used for this initial buyback is a portion of the frozen assets recovered in partnership with security companies SlowMist and SEAL 911, who assisted in tracking down stolen tokens and identifying wallet movements across various chains. Further buybacks are expected in stages as additional assets are retrieved from cooperating platforms.
To support compensation liquidity, UXLINK will unlock 8–12% of community, team, and treasury tokens, which were originally subject to long-term vesting. The change does not affect investor allocations and is limited to recovery purposes.
Stengthening UXLINK’s security
Since the attack, UXLINK has added hardware wallet integrations, quarterly red-team tests, and expanded bug bounties, among other security upgrades. To increase user protection, the project has also implemented tiered onboarding and zero-knowledge verification.
These measures are a part of a bigger plan to improve platform functionality and security as well as restore community engagement. The project’s recovery efforts have already revived activity, with community participation in governance and social channels increasing more than fivefold since the hack.
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