X100 Global Faces About $4.75 Million in Ethereum-Linked Losses

BlockSec flagged a suspected Ethereum governance attack at X100 Global, estimating losses at about $4.75 million after an attacker gained majority control of its three-seat governing body. The attacker borrowed funds through a flash loan, bought X tokens, split them between two controlled contracts and deposited them into Freezer. That gave the attacker two of the three senator seats, allowing a treasury proposal to pass and execute in the same transaction. The attacker first created liquidity in PancakeSwap V3’s X-USDT pool. The proposal then approved swapping 400,000 X tokens into that pool with the minimum output set at zero.