Watch Out: Altcoin Listed on Major Exchanges to Unlock Tokens Earlier Than Expected

Web3 social network UXLINK has announced details of its community voting proposal for its “Phase 2 Swap & Compensation Plan” on its X platform. According to the information shared, approximately 8%-12% of UXLINK tokens are planned for early unlocking.

The company stated that community, treasury, and team tokens will be unlocked according to the rates specified in the white paper; investor tokens will not be unlocked early and will continue according to the original unlock schedule.

All unlocked tokens will be transferred to a dedicated multi-signature wallet, where they will be used for compensation and redemption transactions. The early unlock rate (8%-12%) has not yet been finalized; the final amount will be determined based on coordination with exchanges and on-chain data.

Additionally, funds recovered from exchanges, along with a portion of the team and treasury shares, will be used to compensate injured users. The plan envisions the repurchase of UXLINK tokens and their allocation to the compensation program.

According to the Snapshot governance page, the proposal closes on October 9th and currently has 99.99% approval in voting.

UXLINK was hit by an $11 million hack in September.

*This is not investment advice.

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