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

On September 25th, UXLINK made a public announcement on social media regarding the latest security incident update. It was stated that the new UXLINK contract would be deployed on the Ethereum mainnet, with a total token supply of 1 billion. The new contract would be exchanged with the old UXLINK contract at a 1:1 ratio. The mint-burn function was removed from the new contract, and cross-chain functionality would be achieved through a partner's cross-chain service. The migration plan was divided into two parts: one for centralized exchange platforms (CEX) and the other for on-chain users. Eligibility for the exchange would be determined based on a snapshot taken at the time when the hacker first made a transfer. The first batch of exchanges on CEX was expected to be completed within 1-5 working days. The compensation timeframes would depend on the recovery of stablecoins. Most of the stolen and already unlocked UXLINK tokens had been suspended from trading, while some were still in circulation. A separate compensation plan would be provided for the affected users. UXLINK is actively working on 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), which may include but is not limited to buyback programs, staking rewards/benefits, and transaction incentives.