X100 stablecoin exploit drains $4.7M after attackers seize protocol votes

Attackers took control of protocol voting before draining approximately $4.7 million in stablecoins in the X100 stablecoin exploit, Chainalysis reported. By capturing Senate seats, they secured a majority that allowed them to manipulate treasury assets and direct them into a pool they controlled. Key takeaways The X100 attack used governance control to reach treasury assets. Stolen funds were converted into ETH and divided among four wallets. Attackers still held roughly 560,000 unsold X tokens. How the X100 stablecoin exploit reached the treasury Contracts used in the attack captured protocol Senate seats, giving the attackers a voting majority, according to Chainalysis. That control enabled the manipulation of treasury assets. The Freezer treasury was forced to sell assets into an attacker-controlled pool.