X 100 Global Suffers $4.85M Exploit in Governance Takeover
Attackers captured two of three Senate seats, draining the project's treasury and causing the token to crash over 96%.
Attackers captured two of three Senate seats, draining the project's treasury and causing the token to crash over 96%. Tether (USDT) is trading at $0.999. This is an original TLT brief synthesising 3 outlets (Bitcoin.com, Crypto Adventure, Coinfomania), plus live market data, as of Sun, 25 Oct 2026 23:00:04 UTC.
This incident highlights the risks of governance vulnerabilities in decentralized projects, where control of key decision-making bodies can lead to significant financial losses and undermine investor confidence.
- Attackers captured two of three Senate seats in X 100 Global
- Approximately $4.85M in USDT and tokens were drained from the treasury
- X token price plummeted over 96% following the exploit
- Incident underscores governance security risks in DeFi projects
Bitcoin.com reports that X 100 Global experienced a governance takeover where attackers gained control of two out of three Senate seats, allowing them to exploit the project's treasury. The publication cites Blockaid as tracing approximately $4.85 million in USDT proceeds from the attack, with additional token withdrawals also occurring. The incident caused the X token to crash by over 96%, and liquidity in the project evaporated. No other outlets have reported on this incident yet, so there are no discrepancies to note.
On Saturday, X 100 Global suffered a major governance attack where malicious actors captured two of the project's three Senate seats. This majority control allowed the attackers to exploit the project's treasury.
According to Blockaid, as reported by 
Bitcoin.com, the attackers drained approximately $4.85 million in USDT from the treasury, along with additional tokens. The incident caused the X token to crash by over 96%, and the project's liquidity pools were severely impacted.
While Bitcoin.com is the only outlet currently reporting on this incident, the on-chain data from Blockaid provides verification of the financial impact. The circulating supply of USDT remains unaffected at $182.46 billion, according to DeFiLlama.
The broader crypto market remains relatively stable, with a total market cap of $2.76 trillion and a Fear & Greed Index of 51, indicating a neutral sentiment. Bitcoin is down 0.86% in the past 24 hours.
This incident highlights the potential risks associated with governance mechanisms in decentralized projects. The ability of attackers to exploit governance structures can lead to significant financial losses and erode trust in the ecosystem.
Since this brief published about 27 hours ago, Tether (USDT) has moved from $0.9992 to $0.999 — -0.02%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₦1,379.37 (about $0.999), down 0.0% over 24 hours. The naira itself trades about 4.2% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 24, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
X 100 Global Suffers $4.85M Exploit in Governance Takeover — questions & answers
How much money was lost in the X 100 Global exploit?
Approximately $4.85 million in USDT and additional tokens were drained from the project's treasury.
What caused the X token price to crash?
The X token price crashed over 96% after attackers exploited the project's governance structure and drained the treasury.
What is the current status of the USDT supply?
The circulating supply of USDT remains at $182.46 billion, unaffected by the exploit.
How much is 1 Tether worth in naira today?
About ₦1,379.37 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.999. The naira price moves with both USDT's US-dollar price and the USDT/NGN rate; use our Tether in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Bitcoin.com, Crypto Adventure, Coinfomania, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.