Hacking News
X 100 Global Suffers Governance Takeover and Hack
X 100 Global, an Ethereum-based project, suffered a governance takeover and hack on October 24. Attackers exploited the project's three-seat Senate seats, using a flash loan operation to extract approximately $4.85 million in USDT from the treasury. The X token subsequently collapsed by over 96%, with holders facing virtually no liquidity. Security firm Exvul explained that the root cause was the lack of voting snapshots, minimum holding periods, and execution delays in the governance architecture, allowing attackers to execute transactions almost immediately.