$8.5M Term Finance Hack Exposes a Weak Point in DeFi Governance

Term Finance lost an estimated $8.5 million after an attacker exploited governance control over its strategy vaults. The attacker reportedly drained 2,843 ETH and about $1.68 million in stablecoins from the affected vaults. The losses represented roughly 68% of the $12.45 million held in Term Finance's vault product before the attack.