Term Finance loses $8.5 million after hacker drains Meta vaults
Technology
Term Finance, an Ethereum-based lending app, just got hit with a big exploit, losing $8.5 million after a hacker drained most of its Meta Vaults.
The attacker managed to grab 2,843 ETH (about $6.9 million) and 1.68 million USDC, sparking fresh worries about how safe DeFi platforms really are.
Term Finance engages security experts
The attacker bought up cheap governance tokens, seemingly acquired enough voting power to control the vaults by voting on proposals, and pulled off the heist.
Term Finance shut down the affected product, stopped new deposits, and revoked management permissions for those vaults.
The team says their other lending services are safe and they're now working with security experts to recover what was lost.