Term Finance permanently shut down its Meta Vaults following a governance exploit. PeckShield estimated that attackers removed approximately $8.5 million, including 2,843 ETH ($6.87 million) and 1.68 million USDC, though Term Finance has not confirmed this total. Withdrawals remain open, but the company has not explained why its veto and delay safeguards failed to block the attack nor committed to reimburse users. The exploit targeted Term’s custom governance wrapper built on Yearn V3 architecture, while the underlying protocol and direct lending markets were unaffected.
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