Attack on an Ethereum-Based Altcoin Project: Millions of Dollars Stolen, Attack Continues

Blockchain security company Blockaid announced that the X100 project, operating on the Ethereum network, has suffered a serious cyberattack. It is reported that the attackers have so far seized approximately 4.85 million $USDT and also removed hundreds of thousands of X tokens from the protocol.

According to information shared by Blockaid, one of the attackers seized control of two of the three Senate seats on the project’s governing body. Having gained a majority, the attacker sold 400,000 X tokens from the project’s treasury into an empty liquidity pool he created.

A second attacker expanded the scope of the attack by burning the Uniswap V3 liquidity positions associated with the project’s Freezer smart contract.

According to Blockaid’s latest update, a third attacker also used the same governance mechanism to withdraw approximately 550,000 X tokens of remaining liquidity from Uniswap V3.

Thus, as a result of the three operations, it was stated that the attackers seized approximately 4.85 million $USDT and additionally removed 550,000 X tokens from the protocol.

The security company said that approximately 12.2 million X tokens are still held in the Freezer contract and that the attack is ongoing.

*This is not investment advice.