Term Labs Vault Exploit Drains Estimated $8.5M
Term Labs said it shut down all Term Meta Vaults and revoked DAO governance roles after the exploit drained most of the vault holdings.
- Term Finance lost an estimated $8.5 million after an attacker exploited governance control to seize assets from its Meta Vaults, marking a significant breach of the Ethereum lending platform.
- Onchain monitoring service Defimon reported the attacker cheaply acquired a majority of the project's sparsely held governance token, then passed proposals granting control over the vaults.
- PeckShield reported the exploiter drained roughly 2,843 ETH and 1.68 million USDC, representing about 68% of assets held in the product before the attack.
- On Monday, Term permanently shut down the Meta Vaults, blocked new deposits, and revoked DAO governance roles to prevent further unauthorized changes.
- Term is working with outside security teams to recover assets and will "explore paths to address" any remaining shortfall, while confirming the wider protocol remains unaffected.
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Term Finance Loses $8.5M to Governance Exploit Despite Built-In Safeguards - BlockTelegraph
Term Labs, the developer behind the Ethereum-based fixed-rate lending protocol, acknowledged the breach hours after blockchain security firms PeckShield and CertiK detected the exploit. The attacker withdrew approximately 2,843 ETH (worth roughly $6.9 million) and 1.68 million USDC, which was then swapped for DAI stablecoins. The loss represented about 68 percent of the vault product’s total value locked across all chains, nearly $8.8 million on…
Cointelegraph
The New York LedgerTerm Finance Vault Governance Exploit Drains Estimated $8.5M
Yearn said the attack involved a custom Term governance wrapper and did not affect standard Yearn V3 vaults.
Term Finance Loses $8.5M In Governance Exploit
Ethereum lending platform Term Finance has lost an estimated $8.5 million after an attacker seemingly acquired enough governance voting power to take control of some of its lending vaults, CoinDesk reported. How the exploit unfolded The attacker removed roughly 2,843 ether, worth about $6.9 million at the time, and 1.68 million USDC, draining around 68% of the assets held in Term’s Meta Vaults. The vaults held about $12.45 million before the att…
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