Term Labs Hit by Governance Exploit, Losses Estimated at $8.5M

Term Labs’ DeFi lending vaults were hit by a governance exploit that caused about $8.5 million in losses, according to blockchain security firms PeckShield and CertiK. 

The exploiter held roughly 2,843 ETH and $1.6 million in DAI after the attack, according to the security firms. The attacker’s address had initially received 2 ETH from Tornado Cash.

Separately, Term Labs has launched a review of the incident and plans to share additional information as it becomes available.

Source: Term Labs, PeckShield, and CertiK