The X100 protocol on Ethereum has suffered a significant breach, resulting in the theft of approximately $4.7 million in stablecoins. According to Chainalysis, attackers exploited the voting mechanism of the protocol, securing two out of three seats in its governing body, referred to as the "Senate." This gave them enough power to compel the treasury to liquidate X tokens through a controlled pool. The stolen stablecoins were then exchanged for ETH and transferred to four wallets, each receiving around 400 ETH. Additionally, the attackers retained about 560,000 X tokens in their wallets. Following the initial attack, other participants in the protocol also began withdrawing their funds, highlighting the vulnerability of the system.