Term Finance Loses $8.5M in DeFi Governance Attack

Term Finance has suffered an estimated $8.5 million loss after an attacker gained control of several lending vaults through governance voting power.

The attack targeted Term Finance's Meta Vaults, which were built using Yearn V3 infrastructure that automatically allocates deposits across lending markets to seek higher yields.

Blockchain data shows the attacker withdrew approximately 2,843 Ether (ETH), valued at around $6.9 million at the time, along with 1.68 million USDC.

The exploit drained roughly 68% of the assets stored in Term Finance's Meta Vaults, which held approximately $12.45 million in assets before the attack.