Hack without hacking, you never heard it right? 🤔
This is what happened with the Term labs project, and 2843 $ETH was stolen from them, worth 7M$ million dollars, and also 1.68M$ million $USDC was stolen.
🌟 The hacker extracted 2 ETH from Tornado cash so it wouldn’t be traced, and then used it to buy the DAO’s governance tokens, which in Arabic means an independent decentralized organization, so he would have voting power in the organization.
🌟 And these tokens were enough to give him a 100% voting share for himself in any proposal.
🌟 This was enough for him to control 4 USDC treasuries and 91% of the Ethereum treasury.
🌟 A proposal was made »» he voted for himself in approval to take the money because he had enough voting power »» he took the money in the most smooth and respectful way.
The Term labs project contracts were not hacked. They were audited and verified as safe, and the whole project is secure. There is no contract breach, no hacking, no theft—only smart governance manipulation and control of the organization using just 2 ETH ☠️
This is what happened with the Term labs project, and 2843 $ETH was stolen from them, worth 7M$ million dollars, and also 1.68M$ million $USDC was stolen.
🌟 The hacker extracted 2 ETH from Tornado cash so it wouldn’t be traced, and then used it to buy the DAO’s governance tokens, which in Arabic means an independent decentralized organization, so he would have voting power in the organization.
🌟 And these tokens were enough to give him a 100% voting share for himself in any proposal.
🌟 This was enough for him to control 4 USDC treasuries and 91% of the Ethereum treasury.
🌟 A proposal was made »» he voted for himself in approval to take the money because he had enough voting power »» he took the money in the most smooth and respectful way.
The Term labs project contracts were not hacked. They were audited and verified as safe, and the whole project is secure. There is no contract breach, no hacking, no theft—only smart governance manipulation and control of the organization using just 2 ETH ☠️
