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On August 24, the treasury of the DeFi fixed-rate lending protocol Term Finance was subjected to a governance attack, with blockchain security firms PeckShield and CertiK estimating losses of approximately $8.5 million. The attacker reportedly transferred about 2,843 ETH and $1.68 million in USDC, converting the USDC into DAI. The attack targeted the TermStrategyVaults based on the YearnV3 architecture; however, Yearn stated that the vulnerability originated from a custom governance mechanism deployed by Term outside the treasury, and standard Yearn vaults were not affected. Notably, the governance transactions for the Term treasury originally had a 7-day time lock and allowed LPs to vote against proposals, but these protective mechanisms failed to prevent the attack. Prior to the attack, the Term treasury had a total value locked (TVL) of approximately $12.45 million, with the losses accounting for about 68% of its total TVL. TermLabs is currently investigating the specific attack vector.

On August 24, the treasury of the DeFi fixed-rate lending protocol Term Finance was hit by a governance attack. Blockchain security firms PeckShield and CertiK estimate the losses to be around $8.5 million. The attacker reportedly transferred approximately 2,843 ETH and $1.68 million in USDC, converting the USDC into DAI. The attack targeted the TermStrategyVaults based on the YearnV3 architecture, but Yearn stated that the vulnerability originated from a custom governance mechanism deployed by Term outside the treasury, and standard Yearn vaults were not affected. Notably, the governance transactions for the Term treasury originally had a 7-day time lock and allowed LPs to vote against proposals, but the related protective mechanisms failed to prevent this attack. Before the attack, the Term treasury had a total value locked (TVL) of approximately $12.45 million, and the losses account for about 68% of its total TVL. TermLabs is currently investigating the specific attack vector.

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