UXLINK Faces Heavy Selloff, Moves to Compensate Users via On-Chain Vote

Quick Breakdown 

• UXLINK spot trading volume spiked 612% to $119.9M after the selloff
• Snapshot vote on Oct. 4 will decide token unlock and compensation plan
• Korean exchanges ending Arbitrum support as project shifts to Ethereum swap

Trading activity around UXLINK spiked this week after a sharp selloff, with spot and derivatives volumes surging even as open interest declined. According to CoinGlass data, daily spot volume climbed 612% to $119.9 million, while derivatives activity soared 733%. At the same time, open interest dropped 15%, indicating traders were closing positions rather than expanding exposure.

In response, UXLINK will launch an on-chain Snapshot vote on October 4 for holders on Ethereum mainnet. The proposal outlines compensation measures for users affected by the recent hack, including partial early unlocking of tokens and the use of all recovered funds from exchanges, treasury, and litigable team assets to reimburse impacted holders.

On Oct 4, we will launch an on-chain Snapshot vote for $UXLINK holders (Ethereum mainnet).
The proposal includes:
1️⃣ Early unlocking of a portion of tokens for users affected by the hack — these will be covered in the swap & compensation plans with CEXs and on-chain users.
2️⃣…

— UXLINK (@UXLINKofficial) October 3, 2025

Compensation plan and token swap

As part of the plan, UXLINK confirmed that new token trading will resume on multiple centralized exchanges after approval of the vote. The team emphasized that fairness and transparency will guide the swap and reimbursement process.

UXLINK’s largest user base was directly impacted after the Digital Asset Exchange Association (DAXA) announced the end of support for UXLINK on Arbitrum. Conversion channels between Korean exchanges and the new Ethereum-based UXLINK remain active, ensuring holders in the region can transition through the compensation program.

The extended Korean holiday period from October 3 to 12 could delay final approval, but the team stated that proposals will be finalized promptly after the break.

Looking ahead

The incident underscores the growing need for robust security measures in token ecosystems, as hacks and forced compensation plans continue to reshape market dynamics. UXLINK’s effort to push recovery and realign trading activity highlights the pressure facing projects with concentrated user bases and heavy reliance on regional exchanges.

Notably, UXLINK has announced significant progress in its ongoing token migration following the hack, unveiling a new smart contract and detailed swap plan designed to protect holders and stabilize the project’s ecosystem.