South Korea’s Upbit and Bithumb Suspend UXLINK After Security Breach

South Korean exchanges Upbit and Bithumb have declared UXLINK a “trading warning” project amidst security breach concerns, suspending deposits and withdrawals until further assessments are conducted.

This incident highlights vulnerabilities in multisig wallets, with the response impacting market stability as Upbit and Bithumb cooperate with law enforcement to address potential losses.

Major Security Breach Details

The broader implications involve technical and compliance assessments by both exchanges, delaying the resumption of trading activities. To stabilize the situation, UXLINK announced a forthcoming token swap plan, intending to restore trust and normalcy in their ecosystem. Meanwhile, traders are urged to avoid decentralized exchanges until security verifications are completed, eliminating further risks of liquidity loss in the market.

Urgent Security Notice: We have identified a security breach involving our multi-signature wallet, resulting in a significant amount of cryptocurrency being illicitly transferred to both CEXs and DEXs. Our team is working around the clock with both internal and external security…

Urgent Security Notice: We have identified a security breach involving our multi-signature wallet, resulting in a significant amount of cryptocurrency being illicitly transferred to both CEXs and DEXs. Our team is working around the clock with both internal and external security…

Market Impact: UXLINK Value Drops Amid Volatile Trading

Did you know? Historical breach patterns suggest recovery involves high-impact restructuring of protocols, with potential shifts in regulatory attitudes toward DeFi governance solutions.

As of September 23, 2025, UXLINK’s price significantly declined to $0.12, influenced by the breach. With a 90-day decrease of 61.77%, its market cap has dropped to $58.63 million. CoinMarketCap’s data reports a massive 19.52% drop in the last 24 hours, with trading volume spiking above $413 million, indicating severe market volatility. The exchange freeze constricts liquidity, while determinant factors shift cornered traders’ sentiments.

Coincu research indicates potential ripple effects through technological, regulatory, and financial domains, enhancing security protocols to address multisig risks.