X100 protocol loses reported $4.85M in governance hijack
CIE News ·
Based on reporting by Bitcoin.com News; not yet independently confirmed.
Attackers reportedly drained $4.85 million in USDT from the X100 protocol on October 24 through a flash-loan-assisted governance takeover, causing the X token to plunge over 96%.
Attackers reportedly drained approximately $4.85 million in Tether (USDT) from the Ethereum-based X100 protocol on October 24, 2026, through a governance exploit, according to reports cited by Bitcoin.com News. The attackers obtained a flash loan of about 1.94 million USDT from Aave to acquire 38,200 X tokens from a Uniswap V3 liquidity pool. They then staked these tokens to capture two of the three seats in the protocol's Senate governance structure.
Because the governance system lacked voting snapshots, holding periods, and execution timelocks, the attackers immediately passed proposals granting them control of the treasury, Bitcoin.com News and onesafe.io reported. They transferred 400,000 X tokens from the treasury into an attacker-controlled pool and withdrew 550,000 X tokens, subsequently selling them through Uniswap V3. Following the sales, the price of the X token dropped more than 96%, falling from the $50–$60 range to approximately $1.75.
According to security firm Blockaid, about 12.2 million X tokens remained in the treasury following the incident. As of October 24, the X100 Global project had not issued an official public statement regarding the exploit.
Key facts
- $4.85M USDT stolen
- X token dropped over 96%
- Ethereum
- Governance takeover
Read the original at Bitcoin.com News