Web3 social platform UXLINK suffered a security breach in its multi-signature wallet resulting in $11.3 million being illicitly transferred out of the platform.

Blockchain security firm Cyvers first flagged the suspicious transactions, which the firm said involved the removal of admin roles via a delegateCall function, allowing an attacker to add a new multi-sig owner and move assets.

This story is an excerpt from the Unchained Daily newsletter.

An hour after Cyvers’ report, the UXLINK team confirmed the breach on X and said they had been working with major centralized exchanges and decentralized exchanges to freeze deposits tied to the attacker.

UXLINK’s native token dropped 58% following the exploit, and was trading at around $0.135 as of late Monday evening.