Term Labs Hit with $8.5 Million Governance Exploit
Term Labs, a Web3 protocol, has suffered a governance exploit in which an attacker drained five USDC lending vaults, extracting $8.5M worth of ETH and DAI.
The incident occurred with sufficient voting influence by the attacker, highlighting DeFi governance and security risks for crypto lending protocols.
This latest Web3 protocol to be targeted underscores potential damage to trust and adoption of on-chain governance models.