🚬 HACKER VOTED FOR HIMSELF — AND WITHDREW $8.5 MILLION FROM TERM FINANCE
No code hacking, no vulnerabilities in smart contracts. The hacker simply bought enough TERM tokens, submitted his proposals through the voting process — and gained legitimate access to the protocol’s vaults. He withdrew $8.5 million.
All within the rules. The protocol worked exactly as it was programmed.
Governance attacks are one of the most underestimated vectors in DeFi. While everyone is watching for code vulnerabilities, it’s enough to simply buy votes. Decentralized governance works exactly until the moment when the tokens are distributed widely enough. When they can be bought up on the open market, it’s no longer protection—it becomes an attack surface.
#defi #crypto #Hack #security
Subscribe — I break down hacks here, including cases where the code had nothing to do with it 🔔
No code hacking, no vulnerabilities in smart contracts. The hacker simply bought enough TERM tokens, submitted his proposals through the voting process — and gained legitimate access to the protocol’s vaults. He withdrew $8.5 million.
All within the rules. The protocol worked exactly as it was programmed.
Governance attacks are one of the most underestimated vectors in DeFi. While everyone is watching for code vulnerabilities, it’s enough to simply buy votes. Decentralized governance works exactly until the moment when the tokens are distributed widely enough. When they can be bought up on the open market, it’s no longer protection—it becomes an attack surface.
#defi #crypto #Hack #security
Subscribe — I break down hacks here, including cases where the code had nothing to do with it 🔔