📌 Ethereum DeFi takes another hit – Term Finance governance attack drains $8.5M – Heres how a small weakness in the platforms governance system allowed hackers to drain $8. 5 million in a few hours.
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Term Finance, an #Ethereum DeFi lending protocol, lost $8.5M on Aug 24, 2026 after a governance attack. Hackers exploited a small governance weakness to cheaply acquire voting power, push a malicious proposal that minted or redirected rewards, and drained funds within hours. On-chain traces show fast swaps and multi-address withdrawals; Term Finance paused governance and launched an emergency audit. The incident underscores risks in token-weighted governance and the need for timelocks, quorum limits and clearer safeguard designs. #DeFiHack
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