X100 on Ethereum Exploited, $4.85M in USDT Drained

Security firm reported an ongoing attack on X100 on Ethereum, with two transactions draining approximately $4.85 million in USDT by the time of its alert.

• An attacker seized 2 of the project’s 3 governance seats.

• 400,000 X tokens were sold from the vault into a self created, empty liquidity pool.

• Another attacker destroyed the Uniswap V3 liquidity position controlled by the Freezer contract.

I feel that This incident highlights how governance control and liquidity mechanisms can become critical attack surfaces. A protocol’s security depends not only on smart contracts, but also on who can control them.

Users should avoid interacting with affected contracts until the project provides verified guidance.

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