TNB TopicalNewsBeats

Crypto, chains and markets — the beat, as it happens

LIVE
DecryptAndrew Yang Calls for AI Kill Switch as Safety Fears Mount DecryptKing Charles Convenes OpenAI, Anthropic, Nvidia and Google for AI… CointelegraphWisdomTree, MoonPay team up to expand US access to tokenized money… Bitcoin MagazineSEC Green Lights Tokenized Stock Trading Despite Clarity Act Fail DecryptBitcoin Bounces as Markets Brace for the Fed’s Next Move CointelegraphIs there any chance left to save the CLARITY Act? DecryptFinancial Data Giant S&P Global Moves Deeper Into Crypto With… CointelegraphBitcoin coils near $76.5K as US stocks rebound from Fed rate hike DecryptAndrew Yang Calls for AI Kill Switch as Safety Fears Mount DecryptKing Charles Convenes OpenAI, Anthropic, Nvidia and Google for AI… CointelegraphWisdomTree, MoonPay team up to expand US access to tokenized money… Bitcoin MagazineSEC Green Lights Tokenized Stock Trading Despite Clarity Act Fail DecryptBitcoin Bounces as Markets Brace for the Fed’s Next Move CointelegraphIs there any chance left to save the CLARITY Act? DecryptFinancial Data Giant S&P Global Moves Deeper Into Crypto With… CointelegraphBitcoin coils near $76.5K as US stocks rebound from Fed rate hike

Cointelegraph

Term Finance loses estimated $8.5M in vault governance exploit

Term permanently closed its Meta Vaults after an attack reportedly removed nearly all of their Ethereum deposits.Decentralized lending protocol Term Finance lost an estimated $8.5 million after an attacker exploited governance control of its strategy vaults, according to blockchain security firms. On Sunday, PeckShield said the attacker drained about 2,843 Ether (ETH), valued at $6.87 million at…

Photo: Cointelegraph

Term permanently closed its Meta Vaults after an attack reportedly removed nearly all of their Ethereum deposits.Decentralized lending protocol Term Finance lost an estimated $8.5 million after an attacker exploited governance control of its strategy vaults, according to blockchain security firms. 

On Sunday, PeckShield said the attacker drained about 2,843 Ether (ETH), valued at $6.87 million at the time, and 1.68 million USDC, which was exchanged for approximately 1.68 million Dai (DAI). CertiK made a similar estimate, placing the total loss at around $8.5 million. 

The reported loss represented about 68% of the $12.45 million held in Term’s vault product before the attack, including nearly all of its approximately $8.8 million in Ethereum deposits, according to Defillama data. 

Read more

Originally published by Cointelegraph. Read the full story at the source →

More stories