Term Finance Reports Estimated $8.5 Million Loss Following Governance Exploit

Term Finance has reported an estimated $8.5 million loss after an attacker exploited the governance controls of its strategy vaults.

Security firms said the hacker gained enough voting power to pass proposals that enabled control of the vaults, draining Ether and stablecoins.

Term has halted its Meta Vaults while it works with external security experts on asset recovery and remediation.