Short Summary
-
Macro Environment: Fed Chair Powell reiterated that there is no risk-free policy path ahead and warned that U.S. equities are overvalued. His remarks dampened market sentiment, ending the rally of the three major indices.
-
Crypto Market: Regulatory push resumed as the SEC and CFTC are set to discuss coordination this week, while the SEC plans to introduce an innovation exemption mechanism for crypto firms by year-end. On the market side, overall sentiment remained weak, with Bitcoin fluctuating downwards between 111k–113k for three consecutive days of losses. The ETH/BTC ratio stabilized, narrowing altcoin declines.
-
Project Developments:
-
Hot Tokens: ASTER, BARD, UXLINK
-
ASTER: CEO announced plans to unveil a token buyback program within weeks; ASTER’s 24h trading volume and revenue surpassed Hyperliquid.
-
UXLINK: Suffered a hack, with attackers minting 1 billion UXLINK on-chain, causing a sharp drop. Following CEX support for contract migration, the token rebounded.
-
FTT: Speculation of SBF’s exemption rose after the SEC’s exemption plan and SBF’s first tweet since March, driving FTT rally.
-
AVAX: DEX trading volume neared $1B, the highest single-day level in 18 months.
-
AI16Z: elizaOS team to restructure token, ai16z holders will be eligible for a new token snapshot.
-
Major Asset Changes
-
Crypto Fear & Greed Index: 44 (vs. 43 yesterday), still in “Fear.”
Today’s Outlook
-
NIL unlock: 33.37% of circulation, worth ~$21.4M.
Macro Economy
-
Powell reiterated there is no risk-free policy path; tariffs are not a major inflation driver; after the September rate cut, Fed is “well-positioned.”
-
Powell: Stock valuations are “quite high.”
-
Fed insider: Powell sees rates still restrictive, leaving room for further cuts.
-
Bowman: Supports a 25bps cut, stressed labor market importance; expects three cuts in 2025.
-
Trump: If Russia refuses agreement, U.S. ready to impose tariffs.
-
U.S. Sept S&P Global Manufacturing PMI prelim: 52 (in line); Services PMI prelim: 53.9 (slightly below expectations).
Policy Outlook
-
SEC and CFTC to hold joint roundtable on Sept 29 to discuss regulatory coordination.
-
SEC plans innovation exemption for crypto firms by year-end.
-
White House crypto committee: Expects market structure bill to pass by year-end.
-
CFTC launches tokenized collateral program, allowing stablecoins in derivatives trading.
Industry Highlights
-
UXLINK hack linked to possible Safe multisig key leak; attackers minted 1B UXLINK.
-
Public company Fitell Corporation secured $100M credit line, adopting Solana treasury strategy.
-
U.S. miner CleanSpark obtained $100M credit from Coinbase.
-
Tether seeks funding of up to $20B at a $500B valuation.
-
FTX Trust sued Bitcoin miner Genesis Digital to recover $1.5B.
-
Morgan Stanley to offer crypto trading via E*Trade.
Further Reading
UXLINK Suffers Devastating Attack, Billions of Tokens Illegally Minted; Project Initiates Emergency Token Swap Plan
September 24, 2025, leading AI-driven Web3 social platform and infrastructure project UXLINK experienced a devastating security breach. An attacker illegally minted billions of unauthorized UXLINK tokens, causing the token's price to plummet by over 90% in a short period. The incident not only exposed security vulnerabilities in its multi-signature wallet but also tested the project's ability to respond during a crisis.
Multi-Signature Wallet Vulnerability Leads to Heavy Losses
According to reports from the project team and the blockchain security firm PeckShield, a hacker exploited a security vulnerability in UXLINK's multi-signature wallet, stealing approximately $30 million in assets. More alarmingly, the attacker also gained unauthorized token minting privileges and executed a massive, illegal token creation on-chain. Hacken’s on-chain analysts estimate that the hacker illegally minted a staggering 10 trillion tokens.
After the initial minting was discovered, the UXLINK token price immediately crashed, and panic quickly spread through the market. Although the hacker later exchanged a portion of the illegally minted tokens (approximately 9.95 trillion) for around 16 Ether (ETH), valued at about $67,000, the massive token inflation dealt a severe blow to UXLINK's market capitalization and ecosystem.
Project's Emergency Response and Exchange Coordination
In response to the crisis, the UXLINK team took swift emergency measures.
-
Exchange Contact: UXLINK immediately contacted major centralized exchanges (CEXs) and decentralized exchanges (DEXs) to request that suspicious deposits linked to the attacker be frozen. With the exchanges' help, a significant portion of the stolen assets has been successfully frozen.
-
Law Enforcement Involvement: The project has reported the incident to law enforcement authorities, hoping to recover the stolen assets through legal means.
-
Reassurance on Personal Wallets: In its latest update, UXLINK explicitly stated that there is no evidence indicating that individual user wallets were affected by the attack, and it urged users to remain calm and rely only on information from official channels.
Token Swap Plan and New Contract Audit
To fully resolve the token inflation caused by the illegal minting, UXLINK announced it will launch a comprehensive token swap program, aiming to migrate all user tokens to a new, more secure smart contract.
To prevent similar incidents from happening again, UXLINK has already:
-
Submitted a New Smart Contract for Security Audit: The new contract will undergo a rigorous audit to ensure its security.
-
Fixed the Token Supply: The new contract will set a fixed token supply, guaranteeing that no new tokens can ever be minted illegally.
The UXLINK team stated that specific details and instructions for the token swap will be announced soon via official channels. Furthermore, the company is working with its security partners to prepare a comprehensive incident report to transparently disclose all details to the community.
A Warning and a Reflection
The UXLINK incident serves as another wake-up call for the entire crypto industry. Even seemingly secure "multi-signature wallets" can have vulnerabilities. This reminds all project teams that while developing rapidly, they must prioritize security audits and risk management. For investors, staying vigilant, following official information, and understanding a project’s security mechanisms are crucial for protecting assets in a volatile market.
