Term Finance says it has identified an estimated $8.5 million loss following an attacker’s exploitation of governance controls tied to its strategy vaults. Multiple reports describe the attacker as gaining sufficient voting power to approve proposals that lead to the vaults being controlled in a way that allows assets to be drained. The affected holdings reportedly include Ethereum and stablecoins.
Term Finance responds by halting activity in its Meta Vaults as it pursues recovery efforts. NDTV reports that the company has stopped its Meta Vaults and is working with external security experts on asset recovery and remediation. Cointelegraph reports that Term permanently closes the Meta Vaults, describing the attack as having removed nearly all Ethereum deposits from them. The outlets align on the core event and estimated loss, while differing on the finality of the closure and emphasis on remaining balances versus broader remediation work.
