X100 Exploit Nets 4.85 Million USDT After Governance Takeover

X100 is a governance-driven project, so access to its on-chain voting system mattered more here than a single contract flaw. The incident unfolded on Ethereum and was first flagged by Blockaid, which said the attack was still active when it posted its warning. That places this case in the category of control-plane failures, where governance rights become the target instead of only a token contract.

For users and builders around X100, the practical effect is that project-controlled assets were pushed through a sequence of transfers, conversions and wallet movements rather than remaining in place. The Uniswap pool tied to the event was left with less than 200 USDT, and the later flow into ether wallets shows how quickly proceeds can be re-routed across addresses. Anyone integrating with a project that relies on on-chain governance has to account for the possibility that voting access can override normal treasury safeguards.

This episode underscores a tension in decentralized systems: governance that is meant to distribute control can also become the point where control is seized. The use of a flash loan in the takeover shows how borrowed capital can be used to momentarily overwhelm voting power, which is a familiar weakness in token-governed systems. The later move of funds toward Tornado Cash also highlights how quickly traces can be fragmented after an exploit. (per thedefiant.io)

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The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.