Decentralized social platform UXLink experienced a breach where attackers exploited a multisignature wallet to mint billions of unauthorized tokens, resulting in significant losses estimated between $11 million and over $30 million. The exploit revealed serious flaws in smart contract security and highlighted the risks of maintaining centralized control in decentralized projects. Marwan Hachem, CEO of FearsOff, pointed out that the hack stemmed from a delegate call vulnerability, allowing the hacker to seize administrative control and mint tokens without limits. Hachem recommended several preventive measures, including implementing timelocks for sensitive actions, renouncing minting privileges, and conducting thorough audits of multisig setups to enhance security. The incident serves as a critical reminder that even common security tools like multisig wallets require rigorous oversight and shouldn't be considered foolproof, emphasizing the importance of decentralized governance and robust emergency protocols.

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