Term Finance Shuts Down Meta Vaults After $8.5M Hack

Term Finance has announced that it will permanently shut down its Meta Vaults following an attack on May 17th that compromised over $8.5 million in customer assets.

The company stated that it would be ending all operations of the Meta Vaults platform, effective immediately.

This move comes after Term Finance allegedly tried to recover some of the stolen funds by attempting to drain other users' accounts, a practice known as 'self-x'. This led to widespread criticism from the crypto community, who accused the company of prioritizing its own interests over those of its customers.