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The bottom is supposed to be tack welded... not sure how that would've come undone..
But you'll need to grab ahold of it and then use something like vise grips on the top to get it off, then replace it all with new nut/bolt that fits since the tack welds came off..
Then get yourself a set of non 12 point wrenches for normal use.
Are you sure the bottom square nut is spinning?? It doesn't look like it's at all been spinning from the bottom pic you sent, but the bolt looks stripped...
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