BREAKING NEWS
Term Finance Permanently Shuts Meta Vaults After Governance Attack
Term Labs says every Term Meta Vault has been shut down and its DAO governance roles revoked after an August 23 governance exploit. New deposits are permanently blocked, while withdrawals remain open; the team says its underlying Term protocol and direct borrowing/lending markets appear unaffected, but scope verification is still ongoing.
PeckShield estimated the drain at about 2,843 ETH and 1.68 million USDC, with Ethereum transactions recording roughly 2,841.74 WETH and 1.68 million USDC sent to exploiter-labelled addresses. Term has not confirmed the approximately $8.5 million estimate, published a full postmortem, quantified any shortfall, or promised reimbursement. Depositors should rely only on verified Term Labs communications, avoid impersonator links, and treat withdrawal availability as unconfirmed recovery—not proof that all funds are safe.
Term Finance Permanently Shuts Meta Vaults After Governance Attack
Term Labs says every Term Meta Vault has been shut down and its DAO governance roles revoked after an August 23 governance exploit. New deposits are permanently blocked, while withdrawals remain open; the team says its underlying Term protocol and direct borrowing/lending markets appear unaffected, but scope verification is still ongoing.
PeckShield estimated the drain at about 2,843 ETH and 1.68 million USDC, with Ethereum transactions recording roughly 2,841.74 WETH and 1.68 million USDC sent to exploiter-labelled addresses. Term has not confirmed the approximately $8.5 million estimate, published a full postmortem, quantified any shortfall, or promised reimbursement. Depositors should rely only on verified Term Labs communications, avoid impersonator links, and treat withdrawal availability as unconfirmed recovery—not proof that all funds are safe.