On August 23, an attacker spent approximately 2 ETH to seize control of multiple strategy vaults on Term Finance, a fixed-rate lending platform on Ethereum. The operation allowed the theft of roughly 2,843 ETH, worth about $6.87 million, along with 1.68 million USDC, totaling approximately $8.5 million. The attacker acquired 100% voting power over four of the five USDC strategy vaults and roughly 91% over the Ethereum Meta Vault before redirecting funds to a single wallet. The seed money for the entire operation came from Tornado Cash, the sanctioned Ethereum mixer. Security firms PeckShield and CertiK confirmed the exploit, noting it targeted the voting mechanics rather than any flaw in the underlying smart contract code.
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