Term Finance Loses $8.5 Million After Attacker Buys Voting Power in Governance Exploit
Term Finance, an Ethereum-based lending protocol, lost an estimated DeFi lending protocol Term Finance loses an estimated $8.5 million to governance exploit.
in a governance exploit, according to The Block and Cointelegraph.
An attacker acquired enough voting power to push a malicious proposal through Term’s governance system, according to CoinDesk. Term’s vault proposals are normally subject to a seven-day delay and can be vetoed by liquidity providers, but those safeguards apparently did not stop the attack, according to The Block.
The exploit reportedly removed nearly all of the Ethereum deposits held in Term’s Meta Vaults, according to Cointelegraph. Term has permanently closed the Meta Vaults following the attack, according to Cointelegraph.
Sources: The Block, Cointelegraph, CoinDesk
This article is for information only and is not financial advice.
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