Term Finance, a DeFi protocol operated by TermLabs, was affected by an attack tied to its governance function, according to a Techub News report citing CoinPost. Blockchain security firm PeckShield estimated the loss at about $8.55 million, which the report said was roughly equal to JPY 1.36 billion. CertiK put the figure slightly lower at $8.5 million. The available account said the attacker may have carried out the incident by manipulating voting power. TermLabs is now investigating the cause of the attack and has started taking response measures. No additional details on the recovery process or the exact mitigation steps were disclosed in the input.
Term Finance, a DeFi protocol operated by TermLabs, was affected by an attack involving its governance function, according to Techub News.
Blockchain security firm PeckShield estimated the loss at about $8.55 million, or roughly JPY 1.36 billion. CertiK gave a slightly lower estimate of $8.5 million.
The attacker is suspected of carrying out the exploit by manipulating voting power. TermLabs is investigating the cause of the incident and has begun taking measures in response.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
