Term Finance Hit with $8.5M Governance Vault Exploit
Term Finance lost an estimated $8.5 million after an attacker exploited governance control of its strategy vaults.
The attack occurred on Sunday, with PeckShield estimating that the attacker drained about 2,843 Ether (ETH), valued at $6.87 million at the time, and 1.68 million USDC, which was exchanged for approximately 1.68 million Dai (DAI).
CertiK made a similar estimate, placing the total loss at around $8.5 million.
The reported loss represented about 68% of the $12.45 million held in Term's vault product before the attack, including nearly all of its approximately $8.8 million in Ethereum deposits.
Term Labs said it had irreversibly shut down all Term Meta Vaults and revoked their DAO governance roles, permanently preventing further deposits while keeping withdrawals open.