X 100 Global runs its treasury, which it calls the Freezer, through a three-seat Senate, and on Saturday, October 24, attackers bought a majority of it with borrowed money, Bitcoin.com News reported. They took a flash loan of about 1.94 million USDT from Aave, used it to buy X tokens and registered helper contracts for two of the three seats. Security firm Exvul said the governance design had no voting snapshots, no minimum holding period and no execution delay, so proposals could pass and execute almost at once. The flaw was in the rules, and no line of code was technically broken. One transaction moved 400,000 X tokens out of the Freezer into a pool the attackers controlled, sending about 36 USDT back to the treasury in return, and the tokens were then sold through a Uniswap V3 pool. Blockaid and other researchers traced about $4.85 million of USDT proceeds and roughly 550,000 X tokens across three transactions. The token fell from the $50 to $60 range to about $1.75, a drop of more than 96%, and decentralized exchange liquidity dried up. About 12.2 million X tokens were still in the Freezer in Blockaid's latest update, and as of 3 p.m. Eastern the project had not acknowledged the breach.