💥✨ Term Finance loses $8.5M after attacker buys voting power.
Ethereum lending platform Term Finance lost an estimated $8.5 million after an attacker apparently acquired enough governance tokens to take control of the protocol's Meta Vaults.
On-chain data shows the attacker removed roughly 2,843 ETH worth $6.9 million and 1.68 million USDC, draining around 68% of the vaults' assets. The Meta Vaults held approximately $12.45 million before the attack.
The notable part is the governance mechanism: rather than exploiting a conventional software vulnerability, the attacker allegedly bought a majority of the project's sparsely held governance token and then used its voting power to pass proposals granting control over the vaults. Term has since permanently shut down the product, blocked new deposits and removed the relevant governance permissions.
#Ethereum #TermFinance #DeFi #Hack
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#ThuyBNB
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please give me a like, share, and follow.
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Ethereum lending platform Term Finance lost an estimated $8.5 million after an attacker apparently acquired enough governance tokens to take control of the protocol's Meta Vaults.
On-chain data shows the attacker removed roughly 2,843 ETH worth $6.9 million and 1.68 million USDC, draining around 68% of the vaults' assets. The Meta Vaults held approximately $12.45 million before the attack.
The notable part is the governance mechanism: rather than exploiting a conventional software vulnerability, the attacker allegedly bought a majority of the project's sparsely held governance token and then used its voting power to pass proposals granting control over the vaults. Term has since permanently shut down the product, blocked new deposits and removed the relevant governance permissions.
#Ethereum #TermFinance #DeFi #Hack
---
#ThuyBNB
🧑👀 If you find this post useful,
please give me a like, share, and follow.
❤️ I really appreciate it.
