UXLINK reported a security breach in its multi-signature wallet today, with stolen funds subsequently moved to exchanges. The company said it has contacted authorities and is working with exchanges to freeze the compromised assets.

Multi-signature wallets require approvals from multiple parties to authorize transactions, making them more secure than standard crypto storage methods. However, attackers have found ways to exploit these systems through malware or transaction manipulation.

Cryptocurrency hacks extracted over $2 billion globally in 2024, with multi-signature wallets targeted in several high-profile breaches including incidents at WazirX.

Recovery efforts typically involve collaboration between affected projects and both centralized and decentralized exchanges to freeze stolen assets.

Regulatory agencies including the SEC and CFTC have increased oversight of crypto security incidents, with law enforcement taking more active roles in asset recovery operations as digital asset adoption grows.