Term Labs Protocol Loses $8.5M Following Governance Exploit

• DeFi protocol Term Labs was hit in an attack due to a vulnerability in its governance system.
• The attacker drained 2,843 ETH worth $6.87 million and 1.68 million USDC, with total losses estimated at $8.5 million.
• Term Labs permanently halted Meta Vaults and revoked DAO governance roles, while users can still withdraw funds.

DeFi protocol Term Labs was hit in an attack due to a vulnerability in its governance system. According to analysts at PeckShield and CertiK, losses totaled about $8.5 million.

According to PeckShield, the attacker drained roughly 2,843 ETH worth $6.87 million and 1.68 million USDC. The stablecoins were later swapped for about 1.68 million DAI. It is also noted that the attacker initially funded their wallet with 2 ETH via Tornado Cash.

CertiK reported that the assets are held at the following address: 0xD5183d8BfC65a50863C62aF2538198A8288FFc13.

This story is developing.

Сообщение Term Labs Protocol Loses $8.5M Following Governance Exploit появились сначала на INCRYPTED.