DeFi's Term Labs loses $8.5M via governance takeover
Term Labs has been drained of an estimated $8.5 million after an attacker accumulated enough voting power to push through governance proposals that approved direct transfers from protocol vaults. No code was broken — the exploit worked entirely within the rules of the system, which is arguably the more unsettling part.
The attack is a reminder that "decentralized governance" is only as safe as the distribution of voting power behind it. Investigations are ongoing.
August 23, 2026 10.5K 3
