🚨 TERM LABS HIT IN ATTACK, ABOUT $8.5M DAMAGE
🔸 Term Labs has just confirmed an exploitation of a governance weakness that affected the Term Vaults, enabling the attacker to withdraw approximately 2,843 $ETH along with 1.68M USDC, for an estimated total loss of about $8.5M.
🔸 According to PeckShield, the wallet initially used for the attack was funded via Tornado, and then proceeded to withdraw assets from the affected vaults. This made the stolen funds harder to trace.
🔸 Notably, this is not simply a typical smart-contract bug—it involves the governance mechanism, showing that governance control and design can still become a serious vulnerability for DeFi protocols.
$USDC
Term Labs said its team is investigating the incident. Until more information is available about the potential to recover assets, users should exercise extra caution with the relevant Term Vaults.
🔸 Term Labs has just confirmed an exploitation of a governance weakness that affected the Term Vaults, enabling the attacker to withdraw approximately 2,843 $ETH along with 1.68M USDC, for an estimated total loss of about $8.5M.
🔸 According to PeckShield, the wallet initially used for the attack was funded via Tornado, and then proceeded to withdraw assets from the affected vaults. This made the stolen funds harder to trace.
🔸 Notably, this is not simply a typical smart-contract bug—it involves the governance mechanism, showing that governance control and design can still become a serious vulnerability for DeFi protocols.
$USDC
Term Labs said its team is investigating the incident. Until more information is available about the potential to recover assets, users should exercise extra caution with the relevant Term Vaults.
