$8.5M Drained from Term Labs DeFi Vaults in Governance Exploit

Term Labs, a DeFi lending protocol, has suffered a governance exploit that drained around $8.5 million from its vaults.

The attack involved the removal of 2,843 ETH, valued at approximately $6.87 million at the time, along with 1.68 million USDC.

Term Labs confirmed that its vaults had been affected by a governance exploit and stated that further details would be released after an investigation.

The protocol has not yet disclosed the specific governance function or vulnerability used in the attack.