X 100 Global Loses Millions in Senate Takeover

What Happened to X 100 Global?

On October 24, 2026, the EthereumETH-2.16%-based project X 100 Global suffered a major security breach. Attackers managed to take control of the project's governance structure and drained roughly $4.85 million in USDT from its treasury.

Following the attack, the project's native token, X, experienced a drastic drop of over 96%. Its price plummeted from the $50–$60 range down to around $1.75 as trading liquidity evaporated.

How Attackers Hijacked the Governing Senate

Most crypto exploits target bugs hidden inside smart contract code. However, this attack specifically targetted how the project handles decision-making.

X 100 Global uses a three-seat Senate to manage its protocol. According to blockchain security firm Exvul, attackers borrowed about 1.94 million USDT using an AaveAAVE-7.91% flash loan. They used those funds to buy X tokens and register helper contracts to claim two of the three Senate seats.

Once they held a majority of the seats, the attackers gained full administrative authority. The project lacked basic safeguards like voting delays, snapshots, or minimum holding periods. This flaw allowed the attackers to approve and execute malicious proposals almost instantly.

Draining the Treasury and Market Impact

After securing control, the attackers initiated transactions to empty the project funds. In one move, they transferred 400,000 X tokens out of the Freezer treasury into an attacker-controlled pool, returning a mere 36 USDT back to the treasury.

Blockchain security firm Blockaid reported that attackers extracted approximately $4.85 million in USDT alongside 550,000 X tokens across three transactions. They subsequently sold these tokens through UniswapUNI-3.98% V3 liquidity pools.

This massive sell-off wiped out market liquidity across decentralized exchanges. In some trading pools, available liquidity dropped to just a few dollars, leaving remaining token holders facing extreme slippage.

Current Status and Key Takeaways

Initial reports indicated that around 12.2 million X tokens remained in the Freezer treasury as the situation unfolded. At the time of reporting, the X 100 Global team had not yet released an official statement.

Governance systems require robust delays and safety checks. Without them, instant voting power can quickly lead to treasury drains.

This incident highlights how critical governance design is in decentralized projects. Investors should remain aware that digital asset markets carry inherent risks and volatility. Past performance of digital assets or past performance of an operator is not a guarantee of future results. You can monitor overall market conditions on Bitkub Market.