On October 24, 2026, an attacker executed a governance takeover of the X100 protocol on Ethereum, draining treasury tokens and liquidity positions to net approximately $4.85 million USDT. The exploiter quickly converted 4.75 million USDT into ether and distributed the stolen assets across four separate 400-ETH wallets while retaining 423 ETH in a main address. Security firm Blockaid alerted the community that the exploit remained active.
Treasury token liquidation
- ▪The X100 protocol governance takeover attack on October 24, 2026 targeted assets held on the Ethereum blockchain, liquidating liquidity pools and treasury reserves
- ▪The X100 protocol exploit on October 24, 2026 was executed in two transactions that converted X100 protocol treasury tokens and liquidity positions into USDT
USDT to ether conversion
- ▪The conversion of stolen USDT into ether following the X100 exploit was carried out shortly after the X100 protocol treasury tokens were drained on October 24, 2026
- ▪The primary exploiter in the X100 protocol governance takeover attack on October 24, 2026 converted approximately 4.75 million USDT into ether
Fund distribution across wallets
- ▪The proceeds from the X100 protocol exploit on October 24, 2026 were split across four wallets, with a distribution wallet retaining an additional 423 ETH
- ▪After swapping USDT into ether, the X100 attacker in the October 24, 2026 governance takeover initiated wallet transfers to disperse the stolen funds across multiple Ethereum addresses
Blockaid ongoing attack warning
- ▪Security firm Blockaid warned that the X100 governance takeover attack launched on October 24, 2026 on the Ethereum network was ongoing
- ▪Blockchain security firm Blockaid reported that malicious activity targeting the X100 protocol continued following the initial treasury drain on October 24, 2026
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