X100 on Ethereum suffers an exploit; $4.85 million in USDT stolen. A security firm reported an ongoing attack against X100 on Ethereum. By the time of the alert, two transactions had stolen approximately $4.85 million in USDT. • An attacker seized 2 of the project’s 3 governance seats. • 400,000 X tokens from the vault were sold into an empty liquidity pool created by the attacker. • Another attacker destroyed the Uniswap V3 liquidity position controlled by the Freezer contract. I believe this incident highlights how governance control and liquidity mechanisms can become critical attack surfaces. A protocol’s security depends not only on its smart contracts, but also on who can control them. Users should avoid interacting with the affected contracts until the project provides verified instructions. #ETH