Security
DeFi lending protocol Term Finance loses an estimated $8.5 million to governance exploit
The Block·August 23, 2026·1 min read
Term Finance, a DeFi lending protocol, lost an estimated $8.5 million to a governance exploit. Term vault proposals face a seven-day delay and can be vetoed by liquidity providers, yet those controls apparently did not stop the exploit. The incident highlights vulnerabilities in DeFi governance mechanisms.
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