Upbit, Korea’s largest exchange, has added UXLINK just hours after the web3 social media app reportedly faced an $11 million attack.
Despite investor concerns, the exchange implemented safety measures to assist traders in making informed choices.
UXLINK Drops 70% Despite Upbit Listing
Sponsored
Currently, the UXLINK token price has fallen nearly 70%, trading at $0.09404, a reaction driven by the recent incident impacting the social media app.
Despite the situation, Upbit has listed UXLINK as a trading warning token. The exchange announced this in an official X (Twitter) post, providing the relevant notice.
“UXLINK Trading Warning Designation Notice. UXLINK (UXLINK/KRW, UXLINK/BTC, UXLINK/USDT) has been designated as a trading warning item by DAXA member companies,” read the post.
According to the announcement, UXLINK will be traded against the Korean Won (KRW), Bitcoin (BTC), and Tether’s USDT stablecoin.
The Digital Asset eXchange Association (DAXA) has marked all these trading pairs with an investment warning.
Sponsored
DAXA was founded to foster sound growth in the digital asset sector. It advocates for investor protection by establishing a transparent and secure trading framework.
Interestingly, the classification of UXLINK as a cautionary asset complies with regulations in the Enforcement Decree of the Virtual Asset User Protection Act.
“The deposit service for UXLINK has already been suspended. Resumption of deposit services will be announced following procedures after the designation as a cautionary asset,” Upbit stated.
Why Upbit Resorted to UXLINK Cautionary Designation
Upbit cited the recent hacking event as the reason for the designation, stating that the issuer of UXLINK failed to properly disclose significant information about the asset.
Sponsored
“These issues indicate multiple deficiencies that could potentially cause user losses. Thus, Upbit is designating UXLINK as a cautionary investment asset for the protection of investors,” the exchange explained.
The designation began on September 23, 12:00 KST, and may last until around October 17, 2025, 23:59 KST, depending on review outcomes.
Meanwhile, due to this notice, UXLINK deposits will not show in accounts. Any deposits made will be eligible for return.
In a related development, UXLINK announced ongoing efforts to trace the stolen tokens, stating collaboration with other exchanges.
“A significant portion of the stolen assets has already been frozen, and collaboration with exchanges remains strong,” UXLINK announced.
Sponsored
The social media platforms are also reportedly utilizing support from the blockchain analytics tool PeckShield to aid the ongoing investigation and bolster recovery efforts.
However, it emphasized that there are no indications of individual user wallets targeted by the attack. In this context, it indicated plans to fully compensate all accounts impacted by the incident.
For its part, PeckShield has warned users to refrain from interacting with the UXLINK token, as the hacker has assumed the minting role.
Reportedly, the perpetrator has already minted two billion UXLINK tokens on Arbitrum.
Users are already raising concerns regarding the increased supply, which clarifies the drop in UXLINK’s price.
