- Decentralized lending protocol Term Finance lost an estimated $8.5 million in an exploit targeting governance control of its strategy vaults.
- The attacker drained approximately 2,843 ETH and 1.68 million USDC, which was converted to DAI.
- Term Finance permanently closed its Meta Vaults after the attack removed nearly all of their Ethereum deposits.
Decentralized lending protocol Term Finance lost an estimated $8.5 million on Sunday after an attacker exploited governance control of its strategy vaults, according to blockchain security firms. The attacker drained about 2,843 Ether (ETH), valued at $6.87 million at the time, and 1.68 million USDC, which was exchanged for approximately 1.68 million DAI, as reported by PeckShield. CertiK made a similar estimate, placing the total loss at around $8.5 million.
The reported loss represented about 68% of the $12.45 million held in Term’s vault product before the attack. This included nearly all of its approximately $8.8 million in Ethereum deposits, according to Defillama data. Consequently, Term Finance permanently closed its Meta Vaults after the attack removed nearly all of their Ethereum deposits.
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