Several reports say X 100 Global suffered a devastating governance takeover on Saturday, after attackers reportedly captured two of its three Senate seats and exploited their majority to raid the project’s treasury. Blockaid traced approximately $4.85 million in USDT proceeds and additional token withdrawals. The X token plunged more than 96%, while liquidity evaporated across decentralized trading pools.

Another day, another hack in 2026. According to a myriad of onchain security alerts, the cryptocurrency project built around a three-seat governing Senate discovered just how dangerous instant democracy can become when attackers reportedly bought their way into two seats and promptly emptied millions from its treasury.

X 100 Global, an Ethereum-based project, suffered a unique governance takeover on Oct. 24 that security firm Blockaid traced to a flash-loan operation extracting approximately $4.85 million in USDT. Its X token subsequently collapsed more than 96%, leaving holders facing a market with virtually no liquidity.

The exploit targeted X 100 Global’s governance architecture rather than exploiting a conventional smart-contract coding error. Security firm Exvul explained the root cause in full detail. Attackers reportedly borrowed approximately 1.94 million USDT through an Aave flash loan, purchased X tokens and registered helper contracts to occupy two of the project’s three Senate seats.

Here’s the catch: Governance lacked voting snapshots, minimum holding periods and execution delays. That allowed the attackers to acquire voting power, approve malicious proposals and execute transactions almost immediately.

One transaction transferred 400,000 X tokens from the project’s Freezer treasury into an attacker-controlled liquidity pool , returning approximately 36 USDT to the treasury. The attackers subsequently extracted those tokens and sold them through a legitimate Uniswap V3 pool.

Blockaid, Exvul and several other onchain security teams and investigators reported transaction analysis identified approximately $4.85 million in USDT proceeds alongside roughly 550,000 X tokens extracted across three transactions. Subsequent operations targeted additional Uniswap V3 liquidity positions.

The market consequences were severe. X plunged from the $50-60 range to approximately $1.75 , a decline exceeding 96%. Decentralized exchanged (DEX) trading data on Saturday showed certain liquidity measurements falling to just a few dollars, leaving meaningful sell orders vulnerable to extraordinary slippage.

Approximately 12.2 million X tokens reportedly remained in the Freezer during Blockaid’s latest cited update, when the incident was still described as ongoing. No immediate official project statement has been released at the time of writing (3 p.m. EST on 10/24). The central vulnerability was strikingly simple: A treasury governed by three seats apparently allowed outsiders to purchase a controlling majority and execute its decisions without waiting.

The incident remains ongoing, and X 100 Global has yet to acknowledge the breach or issue a statement through its social media channels. This article will be updated if additional details come to light.

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