Decentralized lending protocol Term Finance lost an estimated $8.5 million after an attacker exploited governance control of its strategy vaults. The attacker drained approximately 2,843 ETH ($6.87 million) and 1.68 million USDC, which was exchanged for roughly 1.68 million DAI. The loss represented about 68% of the $12.45 million held in Term’s vault product before the attack, including nearly all of its approximately $8.8 million in Ethereum deposits. Term Labs irreversibly shut down all Term Meta Vaults and revoked their DAO governance roles, while keeping withdrawals open. The underlying Term protocol and its direct borrowing and lending markets were unaffected.
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