Term Labs Hit by Governance Hack, Loses $8.5 Million

Decentralized finance (DeFi) protocol Term Labs has suffered significant losses due to a governance hack, estimated at around $8.5 million.

The attack exploited a vulnerability in the company's governance system, affecting its Term Valuts service. According to blockchain security firm CertiK, the wallet tied to the hacker held approximately 2,843 Ether and roughly 1.6 million DAI, a dollar-pegged stablecoin, valued at about $8.5 million.

Term Labs is currently investigating the exact method of the attack and the full extent of the losses.