$8.5 Million Stolen from Term Finance Protocol Hacking Incident

A hacking incident has occurred on the Term Finance protocol, a DeFi system. On August 23, Term Labs confirmed an attack on their storage management system but did not specify the extent of losses. According to PeckShield's estimate, the attacker withdrew approximately $6.9 million in Ethereum (ETH) and 1.68 million USDC, exchanging it for DAI.

CertiK reported that the total loss is around $8.5 million, accounting for 68% of all funds stored on the protocol, as per DefiLlama statistics.