termfinance

💥✨ 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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Term Finance loses $8.5M due to Vault governance exploitation

- Attack on Meta Vaults by Term Finance
- Sent ETH being withdrawn
- Meta Vaults permanently shut down
#BinanceSquare #CryptoNews #ETH #TermFinance

$eth

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Source: CoinTelegraph

💀 DeFi just got another reminder: governance can be an attack vector.

Term Finance lost about $8.5M after an attacker exploited a vulnerability in the protocol’s governance system.

According to PeckShield, the hacker withdrew approximately:

⚡ 2,843 ETH (~$6.9M)
⚡ 1.68M USDC, then swapped it to about 1.68M DAI

CertiK estimates the total losses at around $8.5M.

Term Labs confirmed it is investigating a “governance exploit” affecting Term’s vaults.

What’s scary is the scale of the damage.

The vaults’ TVL is about $12.45M, meaning the stolen amount is equivalent to roughly 68% of the TVL.

I think DeFi is sometimes truly literal:

“Don’t trust, verify.”

Then once you verify, you find governance also wants to rug you. 💀

Term previously lost about $1.6M in April 2025 due to a misconfigured oracle.

One exploit is bad.
A second exploit starts looking like a subscription plan. 😭

Do you think DeFi should prioritize governance security over the speed of feature development?

#defi #Ethereum #TermFinance $ETH

$ETH Ecology's DeFi protocol Term Finance has just been hit by a governance attack, with $8.5 million siphoned out of the treasury—this happened within the past couple of hours.

The attacker is exploiting the governance voting stage, taking away voting power to bypass defenses. Coinpaper and AMBCrypto are both following up. Can you trust it? Attacks like this show up in the DeFi space every so often, and each time it drives home the same point: on-chain fund security ultimately comes down to how rigorous the code and governance design are.

As of now, the attack details are still being disclosed; follow-up reports will determine where the funds went and whether they can be recovered.

#DeFi #以太坊 #TermFinance $ETH