Term Labs Hit by Governance Exploit Causing $8.5M Losses

Term Labs' DeFi lending vaults have been hit by a governance exploit, resulting in estimated losses of $8.5 million.

The attack allowed the exploiter to hold approximately 2,843 ETH and $1.6 million in DAI after the incident, according to blockchain security firms PeckShield and CertiK.

Term Labs has launched a review of the incident and plans to share additional information as it becomes available.

The attacker's address initially received 2 ETH from Tornado Cash before carrying out the exploit.