Term Finance exploited for ~$8.5M ⚠️
Not a hack. A governance proposal from a wallet holding 0.017% of the vault, open six days, zero vetoes cast.
Its first action: setTxCooldown(0), deleting the seven-day timelock. Breakdown ⤵️
https://defiprime.com/term-finance-governance-exploit
Defiprime
Term Finance: $8.5M Approved by Silence
An attacker queued a vault parameter change on Term Finance, waited six days for nobody to veto it, then took 2,841 ETH and 1.68M USDC.
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1August 23, 2026 1.2K 25
