Term Labs said all Term Meta Vaults have been shut down as it continues to respond to a security incident tied to Term Vault governance. In an update posted on X, the team said the DAO governance roles have also been removed.
According to the statement, the shutdown is irreversible. New deposits into the Meta Vaults are now permanently disabled, while withdrawals remain available. Term Labs said the incident involves Term Vault governance, and added that the underlying Term protocol and its direct lending markets have not been affected based on the team’s current review.
The company said it is still verifying the full scope of the impact. If there is still a funding shortfall after that process, the team said it will look for ways to address it.
Earlier, Foresight News cited CertiK monitoring that said Term Finance suffered a governance attack yesterday, with losses estimated at about $8.5 million.
Term Labs said all Term Meta Vaults have been closed and DAO governance roles have been removed as the team continues to handle a security incident.
In an update posted on X, the team said the shutdown is irreversible. Further deposits are now permanently disabled, though withdrawals remain open.
Term Labs said the incident involves Term Vault governance. Based on its current review, the underlying Term protocol and its direct lending markets have not been affected. The team added that it is still verifying the full scope of the impact.
If a funding shortfall remains, Term Labs said it will seek a solution.
Earlier, Foresight News reported that CertiK monitoring showed Term Finance suffered a governance attack yesterday, with losses of about $8.5 million.
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.
