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Another DeFi Hack: Term Labs Loses $8.5 Million in Governance Exploit

BeInCrypto

DeFi lending protocol Term Labs lost roughly $8.5 million on Sunday after a governance exploit impacted its Term vaults, blockchain security firm PeckShield reported.

The attacker pulled 2,843 Ethereum (ETH) and 1.68 million USDC (USDC) out of the protocol. Term Labs confirmed the incident and said a fuller account would follow its investigation.

How the Term Labs Attacker Moved the Funds

PeckShield valued the ETH portion at $6.87 million and the stablecoin portion at $1.68 million. The attacker then swapped the USDC into roughly 1.68 million Dai (DAI).

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