Term Finance announced the permanent shutdown of its Meta Vaults following a governance exploit attack. The attacker drained approximately 2,843 ETH worth $6.87 million at the time, along with 1.68 million USDC swapped into DAI. Blockchain security firm PeckShield estimates the total loss at approximately $8.5 million. New deposits are now blocked while withdrawals remain available. Term Finance has revoked DAO governance roles and stated it would explore paths to address any shortfall, without providing a reimbursement commitment or recovery timetable.
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