By exploiting a structural vulnerability in the governance model, an individual managed to seize command of several Term Finance strategy vaults using under $30. This exploit allowed the attacker to modify the strategy parameters of the vaults, ultimately leading to the theft of $8.47 million.
To help you understand this event, we have put together a detailed incident report. Our review provides a step-by-step breakdown of exactly how the exploit occurred, explores the immediate actions taken by Term Labs to address the situation, and evaluates whether Nexus Mutual would offer coverage for this specific type of loss.
You can read our comprehensive analysis by visiting the link below.
https://nexusmutual.io/blog/term-finance-governance-takeover-incident-report
To help you understand this event, we have put together a detailed incident report. Our review provides a step-by-step breakdown of exactly how the exploit occurred, explores the immediate actions taken by Term Labs to address the situation, and evaluates whether Nexus Mutual would offer coverage for this specific type of loss.
You can read our comprehensive analysis by visiting the link below.
https://nexusmutual.io/blog/term-finance-governance-takeover-incident-report
