1/ 5
Incident Overview: A Closer Look at the Term Labs Governance Exploit
On Aug 23, the @term_labs protocol suffered a major governance breach that led to ~$8.5M being drained from the platform.
The core problem was extremely fragile voting power. This vulnerability made it possible for the perpetrator to gain absolute control of the system by spending only 0.5 ETH.
To break down the mechanics of the attack, the first step involved the malicious actor converting ~0.5 ETH into 0.485 tmvETH.
You can review the exact transaction details here:
https://etherscan.io/tx/0x724e377f0523898061b9e2f504ab7792e06846c3cb728a6d5b19a2fa58d2ca0e
Incident Overview: A Closer Look at the Term Labs Governance Exploit
On Aug 23, the @term_labs protocol suffered a major governance breach that led to ~$8.5M being drained from the platform.
The core problem was extremely fragile voting power. This vulnerability made it possible for the perpetrator to gain absolute control of the system by spending only 0.5 ETH.
To break down the mechanics of the attack, the first step involved the malicious actor converting ~0.5 ETH into 0.485 tmvETH.
You can review the exact transaction details here:
https://etherscan.io/tx/0x724e377f0523898061b9e2f504ab7792e06846c3cb728a6d5b19a2fa58d2ca0e
