Yesterday’s most outrageous crypto lesson: X100 is governed by a 3-person senate. An attacker took out a 1.94 million USDT flash loan, bought 38,200 X, and seized 2 of the seats. They submitted and executed a proposal on the spot, selling 400,000 treasury X for $36 into a pool they had created. Netting about $4.75 million, with total losses of $4.85 million according to Blockaid, the X token plunged 96% in a day. The stolen funds were split among 4 wallets holding 400 tokens each, $ETH , while another 423 X remained in the distribution wallet. Governance without snapshots, lock-up periods, or timelocks is a backdoor for attackers. As of early this morning, the project team still hadn’t issued a statement, frozen the funds, or offered a bounty. $USDT #安全 #DeFi