Term Labs Hit by $8.5M Governance Exploit, Crypto Scammers Strike Again

Crypto scammers have struck again, this time targeting Term Labs' vaults in an $8.5 million governance exploit.

The attack occurred on August 23, with attackers draining Ethereum and USDC from affected Term vaults, according to PeckShield's assessment.

Term Labs confirmed the incident and opened an investigation, but had not yet disclosed the exact governance function, contract path, or permission sequence used in the exploit.