$8.5M Governance Exploit Hits Term Labs Ethereum-Based Lending Protocol

A recent $8.5 million governance exploit has been reported against Term Labs, an Ethereum-based non-custodial lending protocol.

The incident occurred on August 23 and involved the draining of Ethereum (ETH) and USDC from affected Term vaults.

Term Labs confirmed the incident and stated that it was still investigating the matter.

According to PeckShield, the attacker drained approximately 2,843 ETH valued at around $6.87 million during the exploit.

CertiK separately tracked about $8.5 million in losses from the governance attack and identified the attacker's address as 0xD5183d8BfC65a50863C62aF2538198A8288FFc13.