Term Finance closes Meta Vaults after estimated $8.5M attack

Term Finance has permanently closed its Meta Vaults after a governance attack drained an estimated $8.5 million in ETH and stablecoins.

• Term Finance has permanently closed its Meta Vaults after a governance attack resulted in an estimated $8.5 million loss of ETH and stablecoins.
• The exploit targeted Term's custom governance wrapper, not standard Yearn V3 vaults, and allowed the attacker to gain control of governance tokens to move funds.
• Term Labs has shut down the vaults, preventing new deposits, but withdrawals remain open, with no confirmed timeline for depositor repayments or compensation.

Topics: Asset types, Legal regulatory, Risk default, Stablecoins digital cash, Enforcement actions litigation, Smart contract vulnerabilities

Tags: #termfinance #metavaults #governanceattack #defiexploit #peckshield #stablecoins #eth #dao #yearn

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Balance Coin Crashes 99% After $915K 42DAO Exploit

Balance Coin crashed 99% after a $915K 42DAO exploit triggered oracle manipulation, liquidations, and a major stablecoin depeg.

• Balance Coin (BLC), an algorithmic stablecoin on BNB Chain, crashed by over 99% following a $915K exploit targeting the 42DAO infrastructure.
• The attack involved oracle price manipulation, leading to cascading liquidations and the loss of BLC's dollar peg, highlighting ongoing DeFi security risks.
• The incident underscores the critical need for enhanced oracle safeguards, delayed liquidations, and robust security audits in decentralized finance protocols.

Topics: Asset types, Risk default, Blockchain usage, Stablecoins digital cash, Smart contract vulnerabilities, Oracles data feeds, Ethereum evm l 1 s

Tags: #balancecoin #42dao #exploit #oraclemanipulation #stablecoindepeg #defisecurity #bnbchain #algorithmicstablecoin #liquidations #peckshield

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