DeFi lending protocol Term Labs lost approximately $8.5 million on Sunday following a governance exploit targeting its Term vaults. The attacker withdrew 2,843 ETH (valued at $6.87 million) and 1.68 million USDC ($1.68 million), subsequently swapping the USDC for Dai. The attacker’s wallet was initially funded with 2 ETH from Tornado Cash, a cryptocurrency mixer commonly used to obscure the origin of funds. Prior to the exploit, Term Labs’ vaults held a total value locked of $12.2 million, with $8.6 million deployed on Ethereum.
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