In a significant move to regain user confidence, Web3 social platform UXLINK has announced its first token buyback scheduled for October 18-19. This initiative comes in the wake of a $113 million security breach that shook the platform last month, and it aims to stabilize the token's value and reassure investors. Based on the data provided in the document, the buyback is expected to positively impact market sentiment.
Funding the Buyback
The buyback will be funded by assets recovered from centralized exchanges, including Bybit and Bitget, which have recently returned frozen funds linked to the attack. All tokens repurchased during this event will be allocated to the Swap & Compensation Plan, which received overwhelming community support of 99.99% on October 4.
Future Buybacks and Liquidity Plans
This initial buyback will utilize only a fraction of the recovered assets, with further buybacks anticipated as more funds are retrieved from cooperating platforms. To ensure liquidity for compensation, UXLINK plans to unlock 81.2% of its community, team, and treasury tokens, making temporary adjustments to long-term vesting schedules while safeguarding investor allocations.
Security Enhancements
In response to the breach, UXLINK has implemented several security enhancements, including:
- hardware wallet integrations
- quarterly red team penetration tests
- expanded bug bounty programs
These measures are part of UXLINK's comprehensive strategy to rebuild user trust and bolster the overall security of the platform.
In a significant development, President Donald Trump has announced a 100% tariff on Chinese exports, which could impact global markets, including the cryptocurrency sector. For more details, see the full article here.
