Term Finance loses estimated $8.5M in vault governance exploit
Decentralized lending protocol Term Finance lost an estimated $8.5 million after an attacker exploited governance control of its strategy vaults, according to blockchain security firms. On Sunday, PeckShield said the attacker drained about 2,843 Ether (ETH), valued at $6.87 million at the time, and 1.68 million USDC, which was exchanged for approximately 1.68 million Dai (DAI).
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Key Facts
- Fact 1: Decentralized lending protocol Term Finance lost an estimated $8.5 million after an attacker exploited governance control of its strategy vaults, according to blockchain security firms.
- Fact 2: On Sunday, PeckShield said the attacker drained about 2,843 Ether (ETH), valued at $6.87 million at the time, and 1.68 million USDC, which was exchanged for approximately 1.68 million Dai (DAI).
- Fact 3: CertiK made a similar estimate, placing the total loss at around $8.5 million.
- Fact 4: The reported loss represented about 68% of the $12.45 million held in Term’s vault product before the attack, including nearly all of its approximately $8.8 million in Ethereum deposits, according to Defillama data.
Decentralized lending protocol Term Finance lost an estimated $8.5 million after an attacker exploited governance control of its strategy vaults, according to blockchain security firms. On Sunday, PeckShield said the attacker drained about 2,843 Ether (ETH), valued at $6.87 million at the time, and 1.68 million USDC, which was exchanged for approximately 1.68 million Dai (DAI).
CertiK made a similar estimate, placing the total loss at around $8.5 million. The reported loss represented about 68% of the $12.45 million held in Term’s vault product before the attack, including nearly all of its approximately $8.8 million in Ethereum deposits, according to Defillama data. Term Labs said it had irreversibly shut down all Term Meta Vaults and revoked their DAO governance roles, permanently preventing further deposits while keeping withdrawals open.
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Original source: Cointelegraph
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